Money is any good that is widely accepted in exchange and repayment of debts.
What is Money?
100
1914
When did the Fed Reserve System begin operation?
200
Who is Goldsmiths?
Early banker who gave the customers a warehouse receipt for the gold they stored.
200
Is an interest earning account.
What is A Savings Account Money?
200
Central Bank, -the chief monetary authority in the country.
What is The Fed?
300
Medium of exchange, A unit of Account, and A store of Value.
What are 3 functions of money?
300
Near money is anything that can be relatively easily and quickly turned into money.
What is Near Money?
300
Control the money supply, Supply the economy with paper money(fed Reserve notes), Hold bank reserves, provide check clearing services, supervise member banks, serve as the lender of last resort.
What Does the Fed Do? Give 3 of 6 functions?
400
What is Transaction Costs?
The time and effort required in an exchange.
400
Currency, Checking Accounts (demand deposits), and Traveler's checks.
What are 3 components of the basic money supply?
400
Controls and coordinates the Fed's activities. The board is made up of seven members, each appointed to a 14 year term.
Appointed by the Pres with Senate approval
What is the Bd of Gov of the Fed Reserve System?
What is the appointed term of years?
Who appoints the Bd of Governors for the Fed Reserve?
500
Comes from its general acceptability in exchange.
What is the value of Money?
500
The United States is broken up into 12 '
Federal Reserve Districts.