The Monetary System. Establishes two different types of standardization in the economy Unit of value—a common unit for measuring how much something is worth - refers to the way we think about and record transactions Means of payment—things we can use as payment when we buy goods and services
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- refers to the way we think about and record transactions
- refers to how payment is actually made
-Federal Reserve System - the central bank and national monetary authority of the United States
Annual Inflation Rate (%)
2003Figure 1: The Rate of Inflation Using the Consumer Price Index, 1950-2001