CAITLIN HOWARD - Chapter 6 Vocabulary_Money & Banking.docx

CAITLIN HOWARD - Chapter 6 Vocabulary_Money &...

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Chapter 6 Vocabulary Definition 1. Money Anything that serves as a medium of exchange, a unit of account, a store value 2. Medium of Exchange Anything that is used to determine value during the exchange of goods and services 3. Barter The direct exchange of one set of goods and services for another 4. Unit of Account Serving as a medium of exchange 5. Store of Value Only keeps its value if you decide to hold on to or store instead of spending it 6. Currency The coins and paper bills used as money 7. Commodity money Consists of objects that have value in and of themselves and that are also used as money 8. Representative Money Makes use of objects that have value solely because the holder can exchange them for something else 9. Specie Coins made of gold or silver 10. Fiat Money An order or decree…. Has value because a government has decided that it is an acceptable means to pay debts 11. Bank Financial institution licensed to receive deposits and makes loans. Banks may also
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