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The United States uses money as a medium of exchange to trade goods and services both domestically and across the globe. The monetary system of the U.S. is broken down into a number of banks including commercial, savings and loans, credit unions and others. These banks conduct the everyday transactions and banking needs of American citizens and attempt to make a profit off of the deposits users loan the banks. The banking system is joined by the Federal Reserve, which serves as the nation’s central bank. Through the Fed, the monetary policy of the nation is set and all the other banks in the system are able to conduct their forms of business. Money is a token that is widely accepted as a means of payment. Money is divided into small parts such as bar of silver or gold or a token. The token can be tangible, like a coin or a note, or intangible like credit in a bank deposit. The fundamental purpose of money is to distribute ownership of the wealth in the society.
Approximate Word count = 685
Approximate Pages = 2.7
(250 words per page double spaced)
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