Review Questions 1
1. Explain the difference between representative money and fiat money.

Fiat money is money that is printed like paper money or coins. Representative, on the other hand, is different. It represents something of value. This could be checks or tokens.

2. Chart Skills Which are the three functions of money?
1. Medium of Exchange: This function is a trade between a buyer and a seller. The buyer could give food, tobacco, or money.
2. Unit of Amount: This function is measuring the value of something in its currency like money.
3. Store of Values: This function uses assets that can be saved, traded, and sold. It normally uses money, commodity, or any rare metals like gold or silver.

Review Questions 2
1. What is the purpose of the Federal Deposit Insurance Corporation
The purpose of it is to ensure customers’ deposits if any bank falls.

2. Chart Skills What events led to the creation of the Federal Reserve System?
Panic of 1907
1780’s Federalists And Antifederalists disagree about a banking system.
Civil War makes it clear the need for a better monetary system and banking system.

Explanation:

Fiat money has no intrinsic value, while legal tender is any currency declared legal by a government. Governments can issue fiat currency and make it legal tender by setting it as the standard for debt repayment.

1)The money has value because the government says it does. ... Fiat money is physical money backed by a government and is considered legal tender. Representative money is backed by a physical commodity such as precious metals or instruments like checks and credit cards.

Review question 2

1)The FDIC, or Federal Deposit Insurance Corporation, is an agency created in 1933 during the depths of the Great Depression to protect bank depositors and ensure a level of trust in the American banking system.

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pizarro staged a mock trial and found atahualpa guilty of revolting against the spanish, practicing idolatry, and murdering huáscar, his brother. atahualpa was sentenced to execution by burning. he was horrified, since the inca believed that the soul would not be able to go on to the afterlife if the body were burned.

when christopher columbus arrived on the bahamian island of guanahani (san salvador) in 1492, he encountered the taíno people, whom he described in letters as "naked as the day they were born." taíno influences survived, however, and today appear in the beliefs, religions, language, and music of caribbean cultures.

ad 1492: taíno meet columbus; “new world” gets new diseases. in the bahamas, the taíno are 125,000 strong in 1492 when they encounter the crew and the italian captain of three spanish ships. christopher columbus seeks a shorter sea route to india to spain get a foothold in the profitable spice trade.

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latin america is a region of racial and cultural diversity.  it is a group of countries and dependencies in the americas where romance languages are predominant. the term originated in 19th century france as amérique latine to consider french-speaking territories in the americas along with the larger group of countries where spanish and portuguese languages prevailed.

explanation: