Econ Ch. 8 Review

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Across
  1. 3. a card authorizing the user to buy goods and services with funds borrowed from the business that issued the card
  2. 6. Money serves as a medium of ________; enables us to carry out trade
  3. 7. Kyle traded a red paper clip until he got a what?
  4. 8. ______ money refers to items of value that are used as a medium of exchange
  5. 9. Money must be able to withstand physical wear and tear over time
  6. 12. a business whose main purpose is to receive deposits and make loans
  7. 13. This is the acronym for a private retirement plan sponsored by the federal gov
  8. 17. Money must be ablet to be split into smaller parts
  9. 21. Money serves as a standard of _______; helps us to measure and compare
  10. 22. the number of regional Fed banks that carry out many of the systems day-to-day activities
  11. 24. This type of loan is used to buy a house
  12. 25. By 2018, the personal savings rate of American had fallen to this percent
  13. 26. a periodic payment for the use of borrowed funds
  14. 28. This characteristic of money means it is not easy to come by -- it's relatively rare
  15. 31. _______ power refers to the quantity of goods and services that can be bought with a particular sum of money
  16. 32. credit ______: a record of a person's past borrowing
  17. 33. Businesses take out this type of loan to buy machinery or equipment
  18. 34. a card authorizing the user to access their own funds on deposit in a bank account
  19. 35. setting aside a portion of income for use in the future
Down
  1. 1. the Federal _______ System is the central bank of the US
  2. 2. Money serves as a _______ of value; it holds its worth over time
  3. 4. This is the most important characteristic of money -- people must be willing to take it
  4. 5. Money must be the same: one dollar is the same as the next
  5. 10. This type of deposit earns more interest than a checkable deposit
  6. 11. This type of deposit provides greater returns than checkable and savings deposits
  7. 14. anything owned to which a market value can be assigned
  8. 15. a method of lowering risk by investing in a wide variety of financial assets
  9. 16. This is our country's legal tender
  10. 18. using money with the intention of making a financial gain
  11. 19. Most Americans will live for this many years after they stop earning a paycheck
  12. 20. making exchanges without the use of money
  13. 22. This was the personal savings rate of Americans in the early 1980s
  14. 23. This type of deposit refers to the amount of money placed in a checking account
  15. 27. the amount of money borrowed, or the amount of money still owed on a loan
  16. 29. This type of loan is usually for a new car or boat
  17. 30. commodity-_______ money refers to banknotes given in exchange for gold and silver
  18. 31. To be convenient, it must be easy to transport money