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ECONOMICS CHAPTER 10-11|TESTS WITH 100% CORRECT ANSWERS
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ECONOMICS CHAPTER 10-11|TESTS WITH 100% CORRECT ANSWERS
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ECONOMICS CHAPTER 10-11|TESTSWITH 100% CORRECT ANSWERS
money supply - all the money available in the United States economy
M1 - represents money that people can gain access to easily and immediately to pay for goods and
services (liquidity ad deposits in checking accounts)
liquidity - the ability to be used as, or directly converted, to cash
demand deposit - the money in checking accounts
M2 - can't be used as cash directly, but can be converted to cash fairly easily. Also called near
money (deposits in savings accounts and money market mutual funds)
money market mutual fund - a fund that pools money from small savers to purchase short-term
government and corporate securities
fractional reserve banking - a banking system that keeps only a fraction of funds on hand and lends
out the remainder
default - failure to pay back a loan
mortgage - a specific type of loan that us used to buy real estate
credit cards - a card entitling its holder to buy goods and services based on the holder's
promise to pay for these goods and services
, interest - price paid for the use of borrowed money
principal - the amount of money borrowed
commercial banks - offer checking services, accept deposits, and make loans. They have the
largest role in the economy of any type of bank
credit unions - cooperative lending associations for particular groups, usually employees of a
specific firm or government agency
finance companies - make installment loans to consumers
benefits of buying stock - dividends and capital gains
capital gain - the difference between a higher selling price and a lower purchase price,
resulting in a financial gain for the seller
capital loss - the difference between a lower selling price and a higher purchase price resulting
in a financial loss to the seller
stock split - the division of a single share of stock into more than one share
stockbroker - a person who links buyers and sellers of stock
brokerage firm - a business that specializes in trading stocks
stock exchanges - a market for buying and selling stock
New York Stock Exchange - NYSE is the country's larges and most powerful exchange
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