Federal Reserve System

Economic and Monetary Concepts

Flashcard
•
Other
•
12th Grade
•
Hard
Melissa Ellis
FREE Resource
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10 questions
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1.
FLASHCARD QUESTION
Front
Back
The central banking system of the United States, responsible for regulating the nation's monetary policy, maintaining financial stability, and providing banking services.
2.
FLASHCARD QUESTION
Front
Federal Reserve notes
Back
The paper currency issued by the Federal Reserve System, which serves as legal tender for transactions in the United States.
3.
FLASHCARD QUESTION
Front
Barter economy
Back
An economic system where goods and services are exchanged directly for other goods and services without the use of money.
4.
FLASHCARD QUESTION
Front
Commodity money
Back
Money that has intrinsic value based on the material from which it is made (e.g., gold or silver coins) or the goods it can represent.
5.
FLASHCARD QUESTION
Front
Fiat money
Back
Currency that has no intrinsic value and is not backed by physical commodities, but is established as money by government regulation.
6.
FLASHCARD QUESTION
Front
Medium of exchange
Back
An instrument, such as money, that is widely accepted in transactions for goods and services.
7.
FLASHCARD QUESTION
Front
Measure of value
Back
A function of money that allows it to serve as a standard for valuing goods and services, making it easier to compare their worth.
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