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Personal Reflection: Would you prefer to live in a Paleolithic society,a pastoral society,an agricultural village society,or a chiefdom? Why?
Money Supply
The total amount of money—cash, coins, and balances in bank accounts—in circulation within a country's economy at a specific time.
Prime Rate
The interest rate that commercial banks charge their most credit-worthy customers, often used as a reference for setting various interest rates.
Great Recession
A severe global economic downturn that occurred from late 2007 through mid-2009, marked by significant declines in housing prices and increased unemployment rates.
Required Reserve Ratio
The fraction of deposits that regulators require a bank to hold in reserve and not loan out, in order to ensure bank liquidity.
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