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Econ Notes Week 7

by: Kaylee Notetaker

Econ Notes Week 7 EC 2900 - 08

Kaylee Notetaker

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Here are the notes for Econ; EC 2900 Week 7.
Global Economic, Business and Social Issue
D.R. Fannin
Class Notes
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This 1 page Class Notes was uploaded by Kaylee Notetaker on Monday October 17, 2016. The Class Notes belongs to EC 2900 - 08 at Wright State University taught by D.R. Fannin in Fall 2016. Since its upload, it has received 3 views. For similar materials see Global Economic, Business and Social Issue in Economics at Wright State University.


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Date Created: 10/17/16
EC 2900-08 Notes Week 7 money: currency (something we all agree that we will take in exchange for debt or goods or services); kinds of money: medium of exchange; unit of account (things are quoted in $); store value. components of money supply: econ jargon. - M1 is currency held by the public (coins or paper money or checkable deposit). IN YOUR POCKET. liquid form of monies. coins are token money. paper money in the US is referred to as Federal Reserve notes. - M2 is M1 + savings accounts, money market deposit accounts (limited checking account with a higher interest rate), thrift institution (credit unions). fiat money (FD notes):no intrinsic value; it’s only worth something because we believe it’s worth something. federal reserve system: 3 parts: Board of Governors; Reserve Banks; Federal Open Market Committee (FOMC). • federal funds rate is interest rate that a member bank pays another bank; it inscentivises banks to loan money to people. If its high the interest rate will go up. 12 on the board; president elects them.


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