Chapter 12 LECTURE NOTES
Mar 20, 2013 · B. Money is debt; paper money is a debt of Federal Reserve Banks and checkable deposits are liabilities of banks and thrifts because depositors own them. C. Value of money arises not from its intrinsic value, but its value in exchange for goods and services. 1. It is acceptable as a medium of exchange. 2. Currency is legal tender or fiat money. ................
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