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1.Medium of exchange
: because you can use it to buy the goods and services you
want, everyone's willing to trade
things for money.
2.Measure of value
: it simplifies the exchange process because it's a means of
indicating how much something costs.
3.Store of value
: people are willing to hold onto it because they're confident that it will
keep its value over time.
A bank holds onto only a fraction
of the money that it takes in and lends the rest out to individuals,
businesses, and governments. In turn, borrowers put some of these funds
back into the banking system, where they become available to other
1.it can raise or lower reserve requirements—the percentage of its funds that banks must set aside and can't lend out;
2.it can raise or lower the discount rate—the rate of interest that the Fed charges
member banks to borrow "reserve" funds;
3.it can conduct open market operations—buying or selling government securities on the open market.