| Business: A Changing World, 4/e O.C. Ferrell,
Colorado State University Geoffrey Hirt,
DePaul University
Money and the Financial System
Learning ObjectivesAfter reading this chapter, you should be able to: Define money, its functions, and its characteristics. Describe various types of money. Specify how the Federal Reserve Board manages the money supply and regulates the American banking system. Compare and contrast commercial banks, savings and loan associations, credit unions, and mutual savings banks. Distinguish among nonbanking institutions such as insurance companies, pension funds, mutual funds, and finance companies. Investigate the challenges ahead for the banking industry. Recommend the most appropriate financial institution for a hypothetical small business.
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