Show:
Evolution
Functions
Characteristics
Standards
Potpourri
100
A moneyless economy that relies on trade.
What is a barter economy?
100
Any substance that serves as a medium of exchange, measure of value and store of value.
What is money?
100
A term that describes money as easily transferable.
What is portability?
100
The mechanism designed to keep the monetary characteristics and helps to keep the money supply sound so that the economy functions smoothly.
What is monetary standard?
100
The term used to describe the United States' paper currency.
What is greenback?
200
Money that has an alternative use as an economic good.
What is commodity money?
200
Something accepted by all parties as payment for goods and services.
What is a medium of exchange?
200
The characteristic of money that describes how well it lasts when the money is handled.
What is durability?
200
A monetary standard under which the basic currency unit is equal to and can be exchanged for gold.
What is gold standard?
200
Privately owned banks that received their operating charters from the federal government.
What are national banks?
300
Money by government decree.
What is fiat money.
300
A common denominator that can be used to express worth in terms that most individuals understand.
What is measure of value?
300
Describes how money can be divided into smaller units.
What is divisibility?
300
A monetary standard which the fiat money supply cannot be converted into gold or silver.
What is inconvertible fiat standard?
300
Paper currency backed by silver dollars.
What are silver certificates?
400
The current preferred method of payment for millions of people worldwide.
What are debit cards?
400
The property that allows purchasing power to be saved until needed.
What is store of value?
400
Makes money valuable because of short supply.
What is limited availability?
400
The standard that came from the need to finance the Civil War.
What is the greenback standard?
400
Paper currency backed by gold placed on deposit with the United States Treasury.
What are gold certificates?
500
The use of microchip-based electronic money for financial transactions, via smart cards and the Internet.
What is cybercurrency?
500
Used in the United States to express measure of value.
What are dollars and cents?
500
The characteristic that allows the cashier to give change.
What is divisibility?
500
This act required citizens, banks and businesses to turn in gold and gold certificates over to the United States government.
What is the Gold Reserve Act of 1934?
500
Fiat currency that must be accepted in payment for debts.
What is legal tender?