Instructions: Identify the Following

question 4

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Royal Colony

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Definitions:

Money Multiplier

The amount of money the banking system generates with each dollar of reserves.

Reserve Ratio

The fraction of deposits that banks hold as reserves.

Debit Card

A payment card that deducts money directly from a consumer’s checking account to pay for a purchase, unlike credit cards that borrow funds that need to be repaid.

Credit Card

A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them later.