Federal Reserve Project Pt. 2

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  • A marketing exchange is what happens any time two or more people trade goods or services.
  • What is money? 
  • There are three types of money recognized by economists - commodity money, representative money, and finally, flat money.
  • What money do we use in the United States? 
  • There are three types of money in the economy, but as members of the public, we will have only ever used two of them – cash, and the numbers in a bank account.
  • What are the characteristics of each type of money? 
  • Commodity money is money whose value comes from a commodity of which it is made.  Representative money is a certificate or token that can be exchanged for the underlying commodity.  Fiat money is money that does not have intrinsic value and does not represent an asset in a vault somewhere.
  • What function does money serve in the economy?
  • Money serves three functions within the economy.  1. Medium of exchange  2. Unit of account  3. Store of value 
  • How has the abandonment of the gold standard affected the US dollar? 
  • The dollar we use today is worth less than two dimes in buying power compared with the pre-Nixon (gold standard) dollar. That implies that median family income today would be about $70,000, or nearly 50% higher than it is today!
  • Money is a powerful tool that can make or break the economy. 
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