Civics and Economics Vocabulary

Chapter 24 - Section OneCoin- are metallic forms of moneySimilarity/Difference:Sentence:

Currency- includes both coins and paper moneySimilarity/Difference:Sentence:

Commercial Bank- financial institutions that offer full banking services to individuals and businessesSimilarity/Difference:Sentence:

Savings and Loan Association- financial institutions that traditionally loaned money to people buying homesSimilarity/Difference:Sentence:

Credit Union- work on a not-for-profit basisSimilarity/Difference:Sentence:

Chapter 24 - Section TwoCentral Bank- Federal Reserve SystemSimilarity/Difference:Sentence:

Federal Open Market Committee- makes the decisions that affect the economy as a whole by manipulating, or controlling, the money supplySimilarity/Difference:Sentence:

Monetary Policy- the controlling of the supply of money and the cost of borrowing moneySimilarity/Difference:Sentence:

Discount Rate- the rate the Fed charges member banks for loansSimilarity/Difference:Sentence:

Reserve- banks must keep a certain percentage of their money in Federal Reserve Banks as a reserve against their deposits

Tara Pawlyk Friday, May 17, 2013 8:21:31 AM ET 04:0c:ce:d3:10:88

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Open Market Operations- the purchase or sale of U.S. government bonds and Treasury billsSimilarity/Difference:Sentence:

Chapter 24 - Section ThreeChecking Account- allow customers to write checks or to use check or debit cardsSimilarity/Difference:Sentence:

Savings Accounts- banks pay interest to customers based on how much money they have depositedSimilarity/Difference:Sentence:

Certificate of Deposit- require a saver to deposit his or her funds for a certain period of timeSimilarity/Difference:Sentence:

Tara Pawlyk Friday, May 17, 2013 8:21:31 AM ET 04:0c:ce:d3:10:88