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ECONOMICS CHAPTER 10 REVIEW SHEETNAME________________________ECN.4.2 Demonstrate understanding of basic concepts (Money)Explain medium of exchange. Define inflation.List and define the six characteristics of money. Describe commodity money. Explain representative money. 12.3(4). Understand the aims and tools of monetary policy and their influence on economic activity (e. g., the Federal Reserve).Explain Fiat Money: Explain what is essential for the fiat system to work. The----------------------------, though lying among _____________________ and________________, is a piece of silver still. Its owner seeks it because it is of value. So every soul, however degraded by_____________________, is in God's sight accounted precious. As the coin bears the ___________________ and ____________________ of the _______________________, so man at his creation bore the image and superscription of God; and though now marred and dim through the influence of ______________________, the traces of this inscription remain upon every soul. God desires to recover that soul and to retrace upon it His own image in ________________and_________________. {COL 194.3} Chapter 10:2.Explain the gold standard. 12.3(4). Understand the aims and tools of monetary policy and their influence on economic activity (e. g., the Federal Reserve).Explain the Federal Reserve System. Explain how the Federal Reserve banks are divided. Explain what member banks that belong to the Federal Reserve store. Explain how the Federal Reserve Board is appointed. Describe the Federal Reserve System. Explain what the Federal Deposit Insurance Corporation (FDIC) shared. Explain what happened in the 2008 financial crisis. Explain what happened because homeowners had trouble repaying their loans after the 2008 financial crisis. Explain what the Bush administration did in response to the 2008 financial crisis. Verse of the Day:(Eze 7:19) They shall cast their _____________________in the streets, and their gold shall be removed: their silver and their _____________________shall not be able to deliver them in the day of the__________________: they shall not satisfy their souls, neither fill their bowels: because it is the stumblingblock of their _____________________.Section 3: Banking Today: Explain what currency is. Explain what makes up the United States money supply. Explain what is M1.Describe what is M2. Explain why saving accounts are M2. Explain mutual funds. Explain what banks provide. Describe saving and checking accounts. Explain money market accounts.Explain certificates of deposit.Explain loans. Explain mortgages. Describe credit cards. Pro_22:7 The rich ___________________over the poor, and the _________________ is ______________ to the ___________________.Explain what happens if you don’t pay your credit card bill in full. Rom_6:23 For the ___________________of sin is_____________________; but the __________________of God is eternal life through Jesus Christ our Lord. “But God commendeth his ______________________ toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now ________________________by his blood, we shall be saved from_______________ through him.” Romans 5:8-9.Explain what interest is.Explain what is principal. Explain simple interest. Explain Component Interest. Explain the largest source of income for banks.Explain where banks pay interest and how it is different from the amount of interest they charge on loans. Describe commercial banks. Explain debit cards. ................
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