Definition & Basic Concepts
What is anything widely accepted as final payment for goods and services called?
Money
What function of money allows people to buy goods and services?
Exchange
What characteristic means money is easy to carry?
Portable
What crop was used as currency in Virginia, Maryland, and North Carolina in the 17th century?
Tobacco
What kind of store was used in an example about paying $93.25 in cash?
Grocery
What word completes this definition: Money is widely accepted as final ______ for goods and services?
Payment
What function of money allows people to save purchasing power for the future?
Value
What characteristic means money can be easily divided into smaller parts?
Divisible
What island’s people used giant stone wheels as money?
Yap
What vegetable was used in the lesson’s example about comparing prices by size?
Tomatoes
According to the lesson, U.S. currency is backed by people’s what?
Trust
What function of money allows people to compare the prices of goods and services?
Account
What characteristic means money is widely accepted by people?
Acceptable
What giant stone wheels were used as money by the people of Yap?
Rai
What type of currency did the U.S. government print during the Civil War when there were not enough coins?
Fractional
U.S. currency is not backed by gold or what other metal?
Silver
Money makes it easier for people to save and defer what until the future?
Consumption
What characteristic means money can withstand wear and tear?
Durable
What historic item, along with paper money and livestock, has been used as money?
Salt
What type of paper would make Federal Reserve notes less durable if used instead of high-quality paper?
Copier
What institution is largely responsible for maintaining trust in U.S. currency?
Reserve
Money helps people keep accurate financial what?
Records
What characteristic means money keeps a relatively constant value over time?
Stable
What country experienced extremely high inflation and issued a 100 billion dollar note in 2008?
Zimbabwe
Federal Reserve notes are made partly from cotton and what other material?
Linen