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Money
anything that is widely acceptable as a means of payment
Medium of Exchange
Any item sellers generally accept and buyers generally use to pay for a good or service.
Unit of Account
a means for comparing the values of goods and services
Store of Value
something that keeps its value if it is stored rather than used
Means of Deferred Payment
the attribute of money that makes it easier to borrow and to repay loans
Commercial Banks
Privately owned financial institutions that accept demand deposits and make loans and provide other services for the public
Building societies
Organisations that offer a range of financial services. However, their major business is providing savings accounts and lending money for the purpose of buying property.
Bank of England
The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK.
Saving
income not used for consumption
Investment
spending on capital equipment by industry
