10-1 Vocab

3. broad definition of money supply conforming to money’s role as a medium of exchange and store of value; components include M1 plus savings deposits, time deposits, and money market funds
5. money that has an alternative use as an economic good; gunpowder, flour, corn, etc.
7. paper currency issued by the Fed that eventually replaced all other types of federal currency
11. one of the three functions of money that allows it to serve as a common denominator to measure value
13. privately owned, publicly controlled, central bank of the United States

1. account whose funds can be removed from a bank or other financial institution by writing a check or using a debit card
2. money by government decree; has no alternative value or use as a commodity
4. money in the form of gold or silver coins
6. money or other substance generally accepted as payment for goods and services; one of the three functions of money
8. one of the three functions of money allowing people to preserve value for future use
9. standard unit of currency in a country’s money supply; American dollar, British pound, etc.
10. moneyless economy that relies on trade or barter
12. an overthrow of government
14. narrow definition of money supply conforming to money’s role as medium of exchange; components include coins, currency, checks, other demand deposits, traveler’s checks