Economics Vocabulary

3. At the beginning or first stage of something.
4. Anything accepted as payment for goods and services.
6. A bank chartered and regulated by the federal government.
7. A government agency that protects bank deposits if a bank fails.
10. A sudden and major change, often involving government or society.
12. The central banking system of the United States that manages the nation’s money and banking system.
13. Digital money that uses computer technology and encryption for security.
14. A bank account, such as a checking account, from which money can be withdrawn at any time.
17. Paper money that could once be exchanged for silver.
19. The main bank of a country that controls the money supply and banking system.
20. A standard unit of money used in a country, such as the dollar.
21. Something that keeps its value over time and can be saved for future use.
22. The official money used by a nation.
23. A temporary closing of banks by the government during a financial emergency.
24. An economy where goods and services are traded directly without using money.

1. Paper money issued by the Federal Reserve that is used as U.S. currency today.
2. Paper money that could once be exchanged for gold.
5. A situation where many people try to withdraw their money from a bank at the same time.
8. A monetary system in which money is backed by gold.
9. A way to determine how much goods and services are worth.
11. Money that has value because the material it is made from is valuable, such as gold or silver.
15. Money that has value because the government declares it legal tender.
16. A bank that is chartered and regulated by a state government.
18. Money that must legally be accepted as payment for debts.