REMINDER! the AP exams are on WEDNESDAY, MAY 10!
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1 REMINDER! the AP exams are on WEDNESDAY, MAY 10!
2
3 UNit 4
4 UNit 4.1
5 The Government has two different public policies (tool boxes) it can use: Fiscal Policy Actions by Congress to stabilize the economy OR Monetary Policy Actions by the federal reserve bank to stabilize the economy RememberThis?...
6 In unit 3, we focused on FISCAL POLICY
7 now In unit 4, we ll focus on MONETARY POLICY
8 to understand monetary policy, we must understand... MONEY
9 WHY DO WE HAVE MONEY? What would life be like if we didn t have money? The Barter System You are a dairy farmer who needs a lifesaving heart surgery. The heart surgeon will only perform the surgery if you can provide him with a good/service he needs or wants The surgeon doesn t need dairy but needs citrus To get life-saving surgery, you must find a citrus farmer that needs dairy...the Money System is obviously better!
10 EXAM PLES OF MON EY Commodity Money Something that performs the function of money and has alternative, non monetary uses Examples: Gold, silver, oil, jewels etc. FIAT Money Something that serves as money but has no other important uses Examples: PAPER NOTES, COINS
11 clearing things up! what backs MONEY? Well, there is NO GOLD STANDARD! Money is just an I.O.U. from the government for all debts, public and private. What makes money effective? 1. Generally accepted Buyers and sellers have confidence that it IS legal tender 2. Scarce Money must not be easily reproduced 3. portable & divisible Money must be easily transported and divided What s the effect of inflation on money? it s less effective!
12 FUNCTIONS OF MON EY 1. A MEDIUM OF EXCHANGE Money can easily be used to buy goods and services without the complications of bartering Examples: CASH IS KING 2. A UNIT OF ACCOUNT Money measures the value of all goods and services Examples: CARL S JR. SIX DOLLAR BURGER 3. A STORE OF VALUE Money allows you to store purchasing power for the future. Money doesn t die of spoil Examples: A PENNY SAVED IS A PENNY EARNED
13 TY PES OF MONEY Based on M1 liquidity - ease with which an asset can be accessed and converted into cash [liquidized] HIGH LIQUIDITY (Medium of Exchange) Coins, Currency, and Checkable Deposits (personal and corporate checks) M2 M3 MEDIUM LIQUIDITY (Store of Value) Near-monies, such as savings deposits (money market accounts), time deposits (CDs = certificates of deposit), and Mutual Funds below $100K! LOW LIQUIDITY (Unit of Account) Money market accounts, time deposits, and mutual funds above $100K!
14 what about CREDIT CARDS??? A credit card is NOT money! It is a short term loan of loanable funds (usually with a higher than normal interest rate) think about it! 1) You buy a shirt from A&F with your VISA card 2) VISA pays Abercrombie & Fitch (a loan) 3) You pay VISA the price of the shirt (the loan) plus interest and fees
15 TYPES OF PERSONAL INVESTMENTS ASSETS - Anything of monetary value owned by a person or business
16 BON DS 5 year old Jack is going to start a lemonade stand. He needs some money to get his stand started. * Jack asks his grammy to lend him $100 and writes this down on a piece of paper: "I owe you $100, and I will pay you back in a year plus 5% interest." Jack s grammy just bought a what does jack do? bond Bonds are loans (IOUs) that represent debt that government or a firm must repay to an investor. The bond holder has NO OWNERSHIP of the company! Ex: War Bonds During World War II But, now Jack needs more money
17 STOCKS * To get more money, Jack sells half of his company to his brother for $50. He puts this transaction in writing: "My company will issue 100 shares of stock, and my brother will buy 50 shares for $50." Jack s brother just bought STOCK He owns 50% of the lemonade stand. He can make decisions, and is entitled to a share of the profits! Stockowners earn a profit in two ways: 1. A share of company s profits (DIVIDENDS) 2. Profits earned when selling stock to new investor (CAPITAL GAINS)
18
19 TAKE OUT MORTON ACTIVITY 35 LET S PRACTICE WHAT WE KNOW ABOUT MONEY!
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