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barter economy
trade
monetary standard
keeps the characteristics of $
money
substance that serves as a medium of exchange has a measure of value and store of value
money has to have
Medium of exchange
store of value
measure of value
medium of exchange
something accepted by all parties as a payment for good/services
store of value
property that allows purchasing power to be saved until needed
measure of value
common denominator that can be used to express worth in terms most can understand
characteristics of money
portable
divisible
durable
limited in supply
in 1961 the U.S. printed a universal paper currency; Why?
The Civil War
legal tender
must be accepted as a payment of debt
gold certificates
paper currency backed up by silver place on deposit with U.S. treasury
gold standard
money is equal to a certain amount of gold (1934)
inconvertible fiat $ standard
$ cant be converted to gold or silver by citizens
FDIC
insures money in banks- created by Glass-Stegal Act
federal reserve
1st central bank
govt. spends
more money than all private businesses combined
public sector
part of economy made up of local/state/fed. govt
private sector
part of economy made up of non-govt. businesses
per capital
per person
transfer payment
payment which the govt. doesn't receive any goods or services in return (grants in aid)
federal budget
annual plan outlining proposed revenue/expenditures
balanced budget
revenue=expenditures
fiscal year
oct. 1-sept. 30
medicaid
joint federal/state medical insurance program
deficit spending
spending in excess of revenue collected
federal debt
total amount borrowed to finance govt. spending
mandatory spending
needs congressional approval
discretionary spending
doesn't need congressional approval
entitlements
$ that must be paid to those that need the requirement of a specific govt. program