

Econ Unit 3 Flashcards
Flashcard
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Social Studies
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12th Grade
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Practice Problem
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Hard
Spencer Herber
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50 questions
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1.
FLASHCARD QUESTION
Front
What are the three functions of money?
Back
Medium of Exchange, Unit of Account, and Store of Value.
2.
FLASHCARD QUESTION
Front
Medium of Exchange
Back
Something accepted by all parties as payment for goods and services.
3.
FLASHCARD QUESTION
Front
Unit of Account
Back
A common measure used to express the value of goods and services.
4.
FLASHCARD QUESTION
Front
Store of Value
Back
A property of money that allows purchasing power to be saved until needed.
5.
FLASHCARD QUESTION
Front
What are the four characteristics of money?
Back
Portability, Durability, Divisibility, and Limited Availability (Scarcity).
6.
FLASHCARD QUESTION
Front
Fiat Money
Back
Money that has value because the government has ordered that it is an acceptable means to pay debts.
7.
FLASHCARD QUESTION
Front
The Federal Reserve System (The Fed)
Back
The central bank of the United States.
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