Characteristics of Money
This characteristic of money means that money lasts over time
Durability
Money replaces what system in which people trade goods and services for other goods and services
Barter
This a a type of money you get that can only be used at one specific store (like Target or Starbucks)
Gift Card
This vocab term means "to take money out of an account"
Withdraw
US Department of Treasury
This characteristic of money means that money can be divided into smaller parts (like when you get change)
Divisibility
This function of money means that money acts as a something we can use to trade for goods and services
Medium of Exchange
This type of money is connected to your checking account at a bank. When you use it, money comes straight out of your account.
Debit Card
This vocab term means "to put money into an account"
Deposit
This part of the US Treasury is in charge of collecting taxes
Internal Revenue Service (IRS)
Money must _____________ in order for it to have value
Scarce/Limited supply
This means that money can be saved over time and hold its value
Store of Value
This is a type of money that lets you borrow money at the point of sale and then pay it back at a later date
Credit Card
Most common type of income for most people. You get paid on a regular basis and receive money for work.
Job/Employment Income
This part of the US Treasury is in charge of making coins
US Mint
This characteristic means money is accepted throughout one country in order to pay for goods and services
This function means money provides a number amount that lets us compare the value of goods and services
Unit of Account/Measure of Value
This is a highly secure guaranteed type of money that you get from a bank. It is drawn from the banks funds and confirmed by the bank.
Cashiers Check
Income you get that is unexpected (like winning the lottery)
Windfall Income
This part of the US treasury is in charge of printing our paper money
Bureau of Engraving
This characteristic means that money is the same across one country or regional area
Uniformity
Money serves as an accepted way to measure and settle debts or loans over a period of time
Standard of Deferred Payment
This is a type of guaranteed money you can get from a post office or grocery store for a small fee
Money Order
This term refers to the knowledge and skills you possess. It increases when you do things like go to school or learn a new skill.
Human Capital
The concept that money is not backed by a physical good or commodity. We have faith that the money will hold its value.
Fiat Money