TN Economics Topic 6.1 & 6.2 Vocabulary

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11 Terms

1
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Money

anything that serves as a medium of exchange, a unit of account, and a store of value

<p>anything that serves as a medium of exchange, a unit of account, and a store of value</p>
2
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Medium of Exchange

anything that is used to determine value during the exchange of goods and services

<p>anything that is used to determine value during the exchange of goods and services</p>
3
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Unit of Account

a means for comparing the values of goods and services

<p>a means for comparing the values of goods and services</p>
4
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Store of Value

to keep value when held onto or stored instead of spent

<p>to keep value when held onto or stored instead of spent</p>
5
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Currency

anything used as money; today we use coins and paper bills as money

<p>anything used as money; today we use coins and paper bills as money</p>
6
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Commodity Money

consists of objects that have value in and of themselves and that are also used as money

<p>consists of objects that have value in and of themselves and that are also used as money</p>
7
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Representative Money

makes use of objects that have value solely because the holder can exchange them for something else of value

<p>makes use of objects that have value solely because the holder can exchange them for something else of value</p>
8
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Fiat Money

has value because a government had decreed that it is an acceptable means to pay debts

<p>has value because a government had decreed that it is an acceptable means to pay debts</p>
9
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Bank

an institution for receiving, keeping, and lending money

<p>an institution for receiving, keeping, and lending money</p>
10
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Central Bank

a bank that can lend to other banks in times of need

<p>a bank that can lend to other banks in times of need</p>
11
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Foreclosure

The seizure of property from borrowers who are unable to repay their loans

<p>The seizure of property from borrowers who are unable to repay their loans</p>