Are credit cards or debit cards money?
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Are Credit Cards or Debit Cards Money? (ECO 202 WK3) INSTRUCTIONS:
Submit a 3-4-page paper that addresses the following questions. Be sure to use references within the paper to support your answers. Show work for all calculations.
Are credit cards or debit cards money? Explain your answer. Assume that the bank holds no excess reserves and that the required reserve ratio equals 10% of deposits. If a customer deposits $5,000, what would be the total increase in checking account balances throughout all banks? Explain the process by which the banking system creates money. In your own words, list the Fed`s main policy tools and briefly explain each one. TRUE or FALSE. "When the Fed makes an open market purchase of government securities, the quantity of money will eventually decrease by a fraction of the initial change in the monetary base." Is the previous statement correct or incorrect? Explain your answer. CONTENT:
ECO 202 WK 3 CASE Name: Course: Tutor: Institution Date: Money can be defined as anything that is regularly used as a means of exchange (buying and selling of good and services). Mishkin (2007) defines money as any verifiable record or item acceptable as repayment for debts and payment for goods and services in a particular socio-economic context or country. Money can be in form of gold bars, precious stones and metals, and even currency in deposit and checking accounts. According to Dobeck and Elliott (2007), money provides an alternative form of exchange to barter trade since it’s a convenient substitute for physical goods. This leads to the question: are credit cards and debit cards money? The answer is no. Debit cards represent a person`s deposits in a bank account thus can be used as a tool to represent money but not as money itself. Credit cards represent the user`s pro
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