Role of money & financial markets

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10 Terms

1

Money

anything that is widely acceptable as a means of payment

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2

Medium of Exchange

Any item sellers generally accept and buyers generally use to pay for a good or service.

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3

Unit of Account

a means for comparing the values of goods and services

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4

Store of Value

something that keeps its value if it is stored rather than used

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5

Means of Deferred Payment

the attribute of money that makes it easier to borrow and to repay loans

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6

Commercial Banks

Privately owned financial institutions that accept demand deposits and make loans and provide other services for the public

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7

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.

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8

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.

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9

Saving

income not used for consumption

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10

Investment

spending on capital equipment by industry

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