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ECO 4223 Money And Banking – Complete Study Set
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ECO 4223 Money And Banking – Complete Study Set
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ECO 4223 Money And Banking – Complete Study Set Six Parts of Finacial System Correct Ans - 1 Money2Finacial Instruments
3 FInacial Markets
4 Finacial Instruments
5 Regulatory Agencies
6 Central Banks
Five Core Principles of Money and Banking Correct Ans - 1. Time has value
2. Risk requires compensation
3. Information is the basis for decisions
4. Markets determine prices and allocate resources
5. Stability improves welfare
Money Correct Ans - Assets that people are generally willing to accept in exchange for goods and services or for payment of debts.
income Correct Ans - flow of earnings per unit of time
wealth Correct Ans - value of assets minus liabilities
three characteristics of money Correct Ans - means of payment, unit of account, store of value
means of payment Correct Ans - overcomes disadvantage of bartering
makes transactions easier
unit of account Correct Ans - a standard of value
used to quote prices
store of value Correct Ans - durable and capable of transferring purchasing power from one day to the next
paper current doesn't degrade but is accepted at face value provide liquidity- ease of which an asset can be turned into payment
market liquidity Correct Ans - ability to sell assets for money
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