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econ- unit 5 vocab(with Errorless answers)
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barter economy correct answers moneyless economy that relies on trade or barter commodity economy correct answers money that has an alternative use as an economic good; gunpowder, flour, corn, etc. fiat money correct answers money by government decree; has no alternative value or use as a com...

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  • September 19, 2024
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  • 2024/2025
  • Exam (elaborations)
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econ- unit 5 vocab(with Errorless answers)
barter economy correct answers moneyless economy that relies on trade or barter


commodity economy correct answers money that has an alternative use as an economic good; gunpowder,
flour, corn, etc.


fiat money correct answers money by government decree; has no alternative value or use as a commodity


federal reserve system correct answers privately owned, publicly controlled, central bank of the United
States


fractional reserve system correct answers a system requiring financial institutions to set aside a fraction of
their deposits in the form of reserves


medium of exchange correct answers money or other substance generally accepted as payment for goods
and services; one of the three functions of money


measure of value correct answers one of the three functions of money that allows it to serve as a common
denominator to measure value


store of value correct answers one of the three functions of money allowing people to preserve value for
future use


diversification correct answers Spreading out investments to reduce risk


M1 correct answers 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


M2 correct answers broad definition of money supply conforming to money's role as a medium exchange
and a store of value; components include M1 plus savings deposits, time deposits, and money market
funds

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