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U.S. TREASURY DEPARTMENT: A cabinet level part of the U.S. Federal government responsible for assorted financial matters. While it was once heavily involved in what could be termed monetary policy, before the creation of the Federal Reserve System, it's primary money role in modern times is relegated to authorizing the minting of metal coins. Among its many varied and important functions are issuing U.S. Treasury securities to finance the federal deficit and maintaining the integrity of paper currency by tracking counterfeiters.
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Lesson 18: Banking | Unit 2: Banking Details
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Page: 7 of 24
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A third type is a credit union. History: - The first credit union was created in 1909.
- Experienced tremendous growth after WWII.
- Primary regulator is the National Credit Union Association (NCUA).
- Created for reasons similar to labor unions.
Credit unions: - Relatively small, non-profit entities, associated with a particular business or group with something in common.
- Pool savings and make personal loans to members.
Evolution: - Originally offered limited banking services.
- Began offering checking accounts in the 70's, which gave them control over part of the M1 money supply.
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CLOSED ECONOMY An economy that does not engage in international trade or other forms of interaction with other countries. That is, a closed economy neither exports goods and services to, nor imports goods and services from, other economies that make up its foreign sector. It is "closed" to the flow of goods and services into or out of the country. The alternative to a closed economy is an open economy, one that does engage in international trade.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs hoping to buy either a flower arrangement with daisies and carnations for your uncle or a coffee cup commemorating next Thursday. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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AIFT
American Institute for Foreign Trade
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