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ADVISORY COUNCILS, FEDERAL RESERVE SYSTEM: Three support committees that provide feedback to the Board of Governors of the Federal Reserve System to assist in its assorted regulatory responsibilities, including Federal Advisory Council, Thrift Institutions Advisory Council, and Consumer Advisory Council. The Federal Advisory Council is a broad ranging council comprise of commercial bankers. The Thrift Institutions Advisory Council is comprised of representatives of thrift institutions. The Consumer Advisory Council is comprised of consumer credit representatives.

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Lesson 17: Money | Unit 4: Money's History Page: 19 of 25

Topic: Metal Commodity Money <=PAGE BACK | PAGE NEXT=>

Metals are a natural for use as a commodity money.
  • The most important characteristic of metals is durability.
  • Some people erroneously think that metals and only metals are true money.

Metals:

  • They are extremely durable, quite divisible, relatively easy to transport and difficult to counterfeit.
  • They are not perfect.

Drawbacks:

  • Transportability: Metals are heavy.
  • Value in use affects value in exchange: A change in the market price brought by disruptions of the market, affect value in exchange and can play havoc with the economy.

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DEMAND SPACE

The area on or beneath a demand curve that indicates all possible price-quantity combinations acceptable to buyers. Buyers are willing and able to purchase any price-quantity combination that places them on or below the demand curve, but not above.

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Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for infected paper cuts.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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