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Money: The Use Of Money During The Great Depression

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Money is something that is important and necessary in the society in which we live. As a matter of fact, there is not a lot of things that can be obtained without the use of money. Money or currency is basically something used by someone in order to obtain goods or services (Ferrell, et al., 2016). For example, a customer will need to have money for such things as shopping for clothing, food, and other items. Fiat money or paper money as we know it today, did not come into existence until the Great Depression of the 1930s (Ferrell, et al., 2016). Money comes in several different forms. Apparently, not all money is in currency and coins, but they are what are considered the main source (Ferrell, et al., 2016). Other types of money are …show more content…

A money market account is another type of money that can be opened at an institution that has the some of the same conditions as a checking account, but has more limitations as to how many checks can be written during a certain period of time and may have the checks may have to be written for a specific amount (Ferrell, et al., 2016). A certificate of deposit (CDs) is a form of a savings account that has a set interest rate that are set up for specific periods of time, such as six month, one year, or seven year and the money cannot be withdrawn early or before the reach maturity without having to pay a penalty (Ferrell, et al., 2016). Credit cards are very common type of money that is used by practically everyone today for many purchases. Credit cards have a pre-approved amount of credit from a bank or other financial institution will allow you to make a purchase and promise to pay in the future (Ferrell, et al., 2016). The debit card is similar to a credit card only the money amount of the debit card is coming from your checking account, therefore the debit cards works like using a check to make a purchase (Ferrell, et al,. 2016). They may be used at ATM machines or anywhere credit cards can be used (Ferrell, et al., 2016). A few other

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