MONEY, BANKING AND

THE FED

FUNCTIONS OF MONEY

MEDIUM OF EXCHANGE

UNIT OF ACCOUNTINGSTORE OF VALUE

CHARACTERISTICS OF MONEY

DURABLEPORTABLEDIVISIBLE

STABLESCARCE ACCEPTED

TYPES OF MONEY

COMMODITY MONEYREPRESENTATIVE MONEY

FIAT MONEY

MONEY VS. NEAR MONEY

MONEYCURRENCYCHECKSCREDIT CARDSDEBIT CARDS

NEAR MONEYVALUE IN TERMS OF MONEY

LIQUIDATE EASILY

TYPES OF NEAR MONEYSAVINGS ACCOUNTCERTIFICATES OF DEPOSIT

MUTUAL FUNDS

M1SPEND IMMEDIATELY

–BILLS–COINS–CHECKS

M2 = M1 + near money

BANKING SERVICES

CHECKINGSAVINGSSAFE DEPOSIT BOXES

TRANSFER MONEY

OVERDRAFT CHECKING

SERVICES CHARGES

BALANCING A CHECKBOOK

The FED

JANET YELLEN, CHAIRMAN OF THE FEDERAL RESERVE

FUNCTIONS OF THE FED

CONSUMER PROTECTION

CHECK CLEARINGGOVERNMENT’S

FISCAL AGENTSUPERVISE

MEMBER BANKS

SET RESERVE REQUIREMENT

SUPPLY CURRENCY

REGULATE MONEY SUPPLY

STRUCTURE OF THE FED

BOARD OF GOVERNORSFEDERAL OPEN MARKET

COMMITTEEFEDERAL ADVISORY COUNCILFEDERAL RESERVE BANKSMEMBER BANKS

TOOLS OF THE FED

RESERVE REQUIREMENTS

DISCOUNT RATEOPEN MARKET OPERATIONS