Bartering
The definition of barter
What is the direct exchange of one good/service for another?
Money that has value because the government says it does
What is fiat money?
Two well-known types of cryptocurrency
What is Bitcoin, Dogecoin, Ethereum, Ripple, Litecoin, Monero, Tether, Binance Coin, Dash, Solana
The main way banks make a profit
What is interest?
Two types of accounts offered by commercial banks
What is savings, checking, CD, money market
The item used to previously back currency in the United States
What is gold?
Objects that have value in themselves but have other uses as well
What is commodity money?
The definition of cryptocurrency
What is a form is digital or virtual currency that can work as a medium of exchange
Two benefits of online banking
What is
- Convivence (transfer funds easily, don't need to travel, can open and manage accounts virtually)
- More cost-effective (lower fees, better interest rates)
- Can help you stay informed (alerts, easy to monitor)
Interest is good for ________ and bad for __________
What is savers and borrowers?
This led to the decline of bartering as more and more products were produced
What is specialization?
A type of money that can be exchanged for something else of value
What is representative money?
One disadvantage of cryptocurrency
What is: unregulated, fluctuates in value, difficult to understand, transactions are irreversible
A type of financial institution other than a commercial bank
What is: credit union,
The number on the jersey hanging on Mr. Russo's office door
What is #23?
The way historians recognize the barter system
What is one of the oldest economic systems?
A characteristic of currency that states it will retain its value when stored
What is store of value?
One advantage of cryptocurrency
What is: available to anyone, faster settlement times, lower transaction fees, privacy
Three services banks provide
What is:
- Storing money
- Saving money
- Loans/Mortgages
- Credit cards
Ms. Conde's main in Mortal Kombat
Who is Mileena?
The biggest issue with bartering
What is the coincidence of wants?
A characteristic of currency that states it helps us compare the value of goods and services
What is unit of account?
A major difference between fiat money and cryptocurrency
What is:
- supply (fiat money has an unlimited supply while crypto is limited)
- Legality (fiat money is regulated by a central bank while crypto is decentralized)
- Tangibility & Storage (crypto exists in a digital wallet while fiat money can be held and stored in a variety of ways)
Banks are financial intermediaries because...
Banks:
- take in deposits from savers and then lend out some of these funds to businesses and individuals
- make loans to consumers and small businesses
Three characteristics of money
What is
- acceptability, scarcity, portability, durability, divisibility, uniformity