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LOAN: In general, a transaction in which a legal claim is exchanged for money. The legal claim is typically a contract or promissory note stipulating when and how the money will be repaid. The lender gives up the money and receives the legal claim. The borrower gives up the legal claim and receives the money. A loan can be either an asset or a liability, depending on who does the borrowing and who does the lending. To the borrower, a loan is a liability, something that is owed. The borrower must pay off the loan or repurchase the legal claim. However, to the lender, a loan is an asset, something that is owned. In fact, loans represent a significant part of a bank's assets.

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Lesson 17: Money | Unit 4: Money's History Page: 21 of 25

Topic: Electronic Money <=PAGE BACK | PAGE NEXT=>

Computers reduce the use of paper currency and checks.
  • Electronic money is another logical step in the historical progression of money.
  • Modern checking accounts are little more than digital information.
  • The trend is toward accessing information directly with computers, including ATM machines, point-of-purchase terminals in stores, and home computers.

Electronic money:

  • It fits two of the four characteristics of money: easy to transport and completely divisible.
  • The other two characteristics raise questions:
    • Counterfeitable: Electronic money could be the easiest or the hardest money to counterfeit.
    • Durability: This depends on the stability of the government and the banking system.

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BANK BALANCE SHEET

A record of the assets, liabilities, and net worth of a bank at a given point in time. Assets are what a bank owns. Liabilities are what a bank owes. Net worth is the difference between the two and what is claimed by or owed to the owners of the bank. By definition, a balance sheet must balance. The assets on one side are equal to the liabilities and net worth on the other.

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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a set of steel-belted radial snow tires or a wall poster commemorating the 2000 Presidential election. Be on the lookout for crowded shopping malls.
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Junk bonds are so called because they have a better than 50% chance of default, carrying a Standard & Poor's rating of CC or lower.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

NIA
National Income Accounts
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