Money and Banking

    This week in class we did a lot of exciting, new things! We received our first paychecks, opened our banks account, and deposited our checks! We also had to pay our first electric bill and learn to right a check, which was very informative. Before we did all this we learned about all aspects of money and banking. Money is any good that is widely accepted for the exchange and in the repayment of debts. There are three aspects of money. First, it's a medium of exchange. Second, it is a standard of value. Third, it's a store of value. There are many characteristics of money as well and its has to be: stable in value, scarce,  accepted, divisible, portable, durable, and difficult to counterfeit. What we have to hold all this money are banks. Banks make money by charging interest. Banks consist of the Fed: 12 district banks that regulate activities of member banks. There are 6 functions of the Fed: clearing checks, distributes money to banks, supervises banks, regulating money supply, setting the reserve, and supplying the paper currency. Something important to remember is that Janet Yellen is the Chairman of the Fed. Learning about money and banking is really important to learn about. I finally felt like I was learning something in school that I will actually use in the future!