| A | B |
|---|
| Bartering | exchange (goods or services) for other goods or services without using money: |
| Currency | a medium of exchange for goods and services. |
| Demand Deposit | a bank account from which deposited funds can be withdrawn at any time, without advance notice. |
| Money supply | is the sum total of all of the currency and other liquid assets in a country's economy on the date measured |
| Loan | the transfer of money by one party to another with an agreement to pay it back |
| Fractional reserve banking | a system in which only a fraction of bank deposits are required to be available for withdrawal |
| Federal reserve system | created a central bank to oversee monetary policy |
| Board of Governors | guides the operation of the Federal Reserve System to promote the goals and fulfill the responsibilities given to the Federal Reserve by the Federal Reserve Act |
| Recession | a significant decline in economic activity that lasts for months or even years |
| Depression | lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10% in a given year. |
| National Banking Act | marked the beginning of the national banking era and established the general framework and structure of the banking system that would persist into the 20th century. |
| Federal Reserve Act of 1913 | creates the central bank of the United States |
| Great Depression | a period of severe world wisde economic decline lasting from 1929 to approximately 1939 or 1941 |
| Glass-Steagall Banking act | separated commercial banks from investment banks; prevent banks from making risky investments and speculative trading, created the FDIC |
| Graham-Leach-Bliley Act of 1999 | removing barriers in the market among banking companies, securities companies, and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. |
