3/26/2017

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Monetary Terms

Barter: A commodity or a unit of value that is used in trade, instead of money. Barter was used widely in the past when money was not readily available. It has become a more common practice today amongst people who have a need to save money for the future, and at the same time, acquire goods and services that they need.

Checks: Notes written for money that is drawn on demand deposits and used to pay bills and for the purchase of goods and services.

Coinage: Any metallic instrument of value that is circulated as money such as the silver dollar, gold dollar, penny, nickel, dime, quarter, half dollar, or twenty dollar gold piece.

Credit: A form or way of purchasing goods and services using the promise of payment at a later date. Today, the use of credit is one of the most widely used instruments of business and as savings and investment vehicles for average people. Without it, there would be a giant slowdown of most economies worldwide. Credit is used by individual consumers, businesses, and countries around the world.

Currency or Legal Tender: The object used as money, such as dollar bills and other paper notes, coins, and checks, for payment of debt or to purchase goods and services.

Federal Reserve System: Introduced by the Federal Reserve Act of 1913, it authorized the creation of 12 regional Federal Reserve Banks around the country to foster economic stability when it is prudent, enhance purchasing power, and to carry out U. S. monetary policies.

Gold Bullion: A standard of money that that uses a specified quantity of gold to determine the value of currency that is convertible in other countries.

Greenbacks: Term used for paper money issued during the civil war and is still is use today to denote different denominations of bills.

Investment Vehicles: Term used to describe any number of investment opportunities that may be used to make money grow such a 401k plans, savings accounts, stocks, real estate, bonds, or money market accounts.

Money: A medium of exchange that is widely used for the payment of goods and services and for payment of public and private debt. The value of money is determined by it's purchasing power.

Purchasing Power: The amount of goods and services that can be bought using any unit of money.

Silver Bullion: A standard of money that uses a specified quantity of silver to determine the value of currency that is convertible in other countries.

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