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ECO 105 Goel Week 11 Notes: 10/26-10/30

by: Daniel Hemenway

ECO 105 Goel Week 11 Notes: 10/26-10/30 ECO 105

Marketplace > Illinois State University > Economcs > ECO 105 > ECO 105 Goel Week 11 Notes 10 26 10 30
Daniel Hemenway
GPA 3.93
Principles Economics
Rajeev Goel

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About this Document

I am an Elite Note Taker and I will be posting notes each week, along with study guides for exams for BSC 101 (Helms), ACC 131 (Seipp), and ECO 105 (Goel). Give them a look and refer your friends ...
Principles Economics
Rajeev Goel
Class Notes
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This 1 page Class Notes was uploaded by Daniel Hemenway on Thursday October 29, 2015. The Class Notes belongs to ECO 105 at Illinois State University taught by Rajeev Goel in Fall 2015. Since its upload, it has received 16 views. For similar materials see Principles Economics in Economcs at Illinois State University.


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Date Created: 10/29/15
ECO 105 Goel 10261030 Chapter 3032 Money Interest and Prices Money Functions of Money Medium of exchange Unit of value Standard of deferred payment Store of value Types of money Commodity money whose value as a commodity is as great as its value as money Fiat money government created money whose value or cost as a commodity is much less than its value as money Gresham s Law Bad money drives out good When depreciated mutilated or debased currency is circulated along with money of high value the good money will either disappear from circulation or circulate at a premium Types of Deposits Demand Deposits Funds that can be withdrawn from a depository institution at any time without restriction ie check Time Deposits Deposits of funds upon which a depository institution can legally require 30 days notice of withdrawal and on which the financial institution pays interest to the depository ie CD certificate of deposit Money Supply Ultimately controlled by the government Liguidity The ease and speed with which an asset can be converted into a medium of exchange without risk of loss m Currency demand deposits at commercial banks held by nonbanking public travelers checks and other checkable deposits M2 M1 plus savings and small time deposits moneymarket mutual fund shares and other highly liquid assets Bond Prices and Interest Rate Because bonds promise a fixed payment in the future the lower the current price of bonds the higher is the interest rate yielded


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