Welcome 3/31/11 Do Now: Why do you accept money in exchange for work or selling a product? What are some reasons we use money instead of trading other.

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Welcome 3/31/11 Do Now: Why do you accept money in exchange for work or selling a product? What are some reasons we use money instead of trading other goods? This will be visually checked! AGENDA:1. Journal discussion 2. Brief guided notes 3. Examining money. OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Functions of Money A means of exchange A standard of value A store of value (saving!) OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Characteristics of our money Generally acceptable for goods and services Can be counted and measured accurately Durable (coins and even paper) Convenient Inexpensive to produce – metals in coins are worth less than the face value. Supply is easily controlled OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Money supply: the total amount of money available as a means of exchange. (8.7 trillion) OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money. KIND OF MONEYAPPROX. VALUE (IN BILLIONS) % OF MONEY SUPPLY CURRENCY$ % DEMAND DEPOSITS (MONEY IN CHECKING ACCOUNTS) $ % TRAVELER’S CHECKS$80.6% TOTAL$1,289100%

Welcome 4/1/11 Answer PCQ’s OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Bank services What are some bank services that you can think of? Checking – demand deposits (pay bills, gifts, etc.) Savings – set aside for big purchases, retirements, to increase in value Loans – cars, mortgage, home improvement, general loans OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Examining money Take out a coin or bill (currency) Jot down as many things as you see (pictures, phrases) Presidents Government buildings, monuments “This note is legal tender, good for all debts public and private” Money is backed by faith in the U.S. government!! OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.

Review Name 3 services a bank provides What is a demand deposit? Name 3 characteristics of our money Name 2 functions of money How much is in the money supply ? Approx. What is our money backed by? OBJECTIVE: BTEOC, I will identify the nations money system through class notes, discussion, and by examining money.