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6 Cards in this Set

  • Front
  • Back
Money is
-Medium of exchange
-Store of value
-Unit of account
-Currency (coins and paper money) in the hands of the public
-All checkable deposits (all deposits in commercial banks and "thrift" or savings institutions on which checks of any size can be drawn)
M1 definition
Certain highly liquid financial assets that do not function directly or fully as a medium of exchange but can be readily converted into currency or checkable deposits.
Near-monies
-M1
-Savings deposits
-Small denominated time deposits
-Money market mutual funds held by individuals
M2 definition
# of Federal Reserves Banks
12
Fed Functions
-Issuing currency
-Setting rr and holding reserves
-Lending to financial institutions and serving as an emergency lender of last resort
-Providing check collection
-Acting as fiscal agent
-Supervising banks
-Controlling the money supply