All About the Benjamins
This refers the physical bills and coins used as money within a country.
What is currency?
This is charged by a bank on a loan as a way for the bank to make a profit.
What is interest?
There are this many districts within the Federal Reserve.
What are 12?
Those who make goods or provide services are known as this.
What are producers?
These are the things needed to make a business: land, labor, capital.
What are the factors of production?
When you use money to buy something, you are using it as this.
What is a medium of exchange?
These types of accounts do not allow for money to be spent directly from them.
What is a savings account?
By setting this, the Federal Reserve can control the money supply.
What is the interest rate it charges on loans?
Supply and Demand have this type of relationship with one another.
What is an inverse relationship?
This refers to the fact that we have a finite quantity of natural resources.
Money that holds its worth can be used as this within an economy.
What is a store of value?
These types of banks serve only members of a select group and typically offer lower interest rates on loans to those members.
What is a credit union?
By settling these, the Federal Reserve keeps the cost of doing business lower for citizens.
What are interbank payments?
If goods are this, then demand for one will increase as the price for the other decreases.
What is complementary?
There have been this many industrial/technological revolutions.
What are four?
This refers to money that exists within a checking account that can be used for transactions.
What is demand deposit?
This was one of the first features that banks offered.
What is a letter of credit/check?
Members of the Board of Directors of the Federal Reserve get their position this way and serve for this long.
What is by Presidential appointment and serve for 14 years?
This type of business has stock that can be sold to the public and has legal rights as though it was a person.
What is a corporation?
This is what people use to determine what they should buy by reviewing the price of something.
What is opportunity cost?
This function of money allows for you to compare prices to recognize a good deal.
What is standard of value?
This is when a bank keeps a certain percentage of the money deposited within its vault and loans the rest out.
What is fractional reserve banking?
By doing this, the Federal Reserve can tell banks how much money they have to keep on hand.
What is raising the reserve requirement?
This describes a business owned by only one person.
What is sole proprietorship?
When discussing factors of production, capital is this.