The monetary system in any economy facilitates trade and allows people to trade more efficiently, as compared to a barter economy. In the United States, the monetary authority is the Federal Reserve System (also referred to as the Federal Reserve, or informally, as the â€œFedâ€.)
For this assignment, use the information presented in the textbook and the Fedâ€s website (http://www.federalreserve.gov/) when addressing the questions below.
What are the requirements for something to be considered money? Why does the dollar have value?
What does the money supply consist of and what are the respective amounts in the total money supply for the United States?
What are the primary functions of the Fed? What role does the Federal Open Market Committee (FOMC) play in our economy?
What role do the financial institutions (commercial banks and other institutions) play in our financial system?
What is meant by the term â€œfractional-reserve bankingâ€ in our system? What are the implicat
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