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ECONOMICS CHAPTER 10 MONEY AND THE FINANCIAL MARKET Money for Nothing Money 10A Money 1 Chronicles 29:12 and Proverbs 30:8-9 pg 186 Money: is anything that a society commonly uses and generally accepts in payment for goods and services. Thus anything can serve as money. Legal Tender: U.S. Congress declares our currency to be legal tender, so that if you tender (or offer) it as payment for a debt, all creditors must accept it. Money 10A Functions of Money (pg187-188) Means of Payment Measure of Value Means of Storing Purchasing Power Bartering (inefficient) vs. using Money Desirable Characteristics of Money Convenience and Portability Divisibility Durability Stability Money 10A Money Standards Commodity money Full-bodied coin Token coin Representative money Fiat money Money 10A Measuring the Money Supply M-1 M-2 Creation of Money Fractional Reserve Banking The Financial Market 10B The Financial Market Financial Market Commercial Banks History of Banking in the United States Dual Banking and Regulation Commercial bank and charter The Financial Market 10B Functions of Commercial Banks Other Financial Institutions: Thrifts Savings and Loans (S&Ls) pg 199 the S&L Crisis Mutual Savings banks Credit Unions Contractual Savings Institutions The Financial Market 10B Finance Companies Investment Companies Personal Finance: Opening and Maintaining a Transaction Account