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Mishkin Money and Banking A+Questions and Answers (100%Verified ) _1.
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Mishkin Money and Banking A+Questionsand Answers (100%Verified )
aggregate income - ANS-The total income of factors of production (land, labor, capital)
in the economy
aggregate output - ANS-The total production of final goods and services in the economy
aggregate price level - ANS-The average price of goods and services in an economy
asset - ANS-A financial claim or piece of property that is a store of value
banks - ANS-Financial institutions that accept money deposits and make loans (such as
commercial banks, savings and loan associations, and credit unions)
bond - ANS-A debt security that promises to make payments periodically for a specified
period of time
budget deficit - ANS-The excess of government expenditure over tax revenues
budget surplus - ANS-The excess of tax revenues over government expenditures
business cycles - ANS-The upward and downward movement of aggregate output
produced in the economy
central bank - ANS-The government agency that oversees the banking system and is
responsible for the amount of money and credit supplied in the economy; in the United
States, the Federal Reserve System
common stock - ANS-A security that is a claim on the earnings and assets of a
company
e-finance - ANS-A new means of delivering financial services electronically
Federal Reserve System (the Fed) - ANS-The central banking authority responsible for
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