Chapter 1经济学关注的3个问题：⏹How scarce resources are allocated in the productionprocess among competing uses.⏹How income generated in the production and sale of goodsand services is distributed among members of society.⏹How people allocate their income through spending, saving,borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）– Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries are institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
货币三大职能：Functions of money:⏹Means of payment (medium of exchange)支付手段（即交换媒介）- Something generally acceptable for making payments. 支付过程中被普遍接受的物品。
⏹Store of value价值储藏手段- Something that retains itsvalue over time. 可以长久地保持价值的物品。
Unit of account记账单位- A standardized accounting unit such as the dollar that provides a consistent measure of value. 标准的会计单位，例如美元，可以提供一个一致的价值度量。
Money aggregates（货币总量）- The measures of money—including M1, M2, and M3—monitored and tracked by the Fed. 联储监控并随时关注的货币指标数——M1，M2，M3。
M1– Currency in the hands of the public plus checkable deposits.通货加支票存款。
M2–Everything in M1 plus other highly liquid assets.M1加上其他高流动性资产。
M3– Everything in M2 plus some less liquid assets.M2加上一些低流动性资产。
Domestic nonfinancial debt (DNFD)（国内非金融债务）- An aggregate that is a measure of total credit market debt owed by the domestic nonfinancial government and private sectors. 国内非金融部门（政府及私人部门）在信用市场上的债务合计。
Chapter 3Quantity demanded of money(货币需求量)- The specific amount of money that spending units wish to hold at a specific interest rate (price). 在某一特定的利率（价格）水平下，支出单位希望持有的货币数量。
Demand for money（货币需求）- The entire set of interest rate–quantity demanded combinations as represented by a downward-sloping demand curve for money. 是一条向下倾斜的曲线，有一系列表明利率和货币需求数量之间的一一对应关系的点构成。
⏹There is an inverse relationship between the quantity demanded ofmoney and the interest rate. That is, ceteris paribus, when the interest rate goes up, the quantity demanded of money goes down, and when the interest rate falls, the quantity demanded of money increases.⏹Why is the relationship inverse?⏹When the interest rate goes up, the opportunity cost of holdingmoney goes up, and ceteris paribus, the quantity demanded of money goes down.⏹The demand for money is primarily determined by spending plans,income, changes in inflation, changes in computer and telecommunications technologies and changes in the risk and liquidity of other financial instruments.The difference between a change in quantity demanded and a change in demand: EXHIBIT 3-31. When the interest rate changes, we move along a single money demand curve, and there is a change in quantity demanded.2. When the demand for money because of income, spending plan and so forth changes, the entire demand curve shifts.Supply of money (货币供给)- The stock of money (M1), which includes currency in the hands of the public plus checkable deposits. 货币存量M1即公众持有的现金加上支票存款。
Quantity supplied of money（货币供给量）- The specific amount of money that will be supplied at a specific interest rate. 在某一特定利率（价格）水平下可提供的货币数量。
The Fed enters the picture in two places:1、A depository institution must have reserve assets equal to a certain percentage of its deposit liabilities. The Fed sets percentage of deposit liabilities that depository institutions must reserves assets equal to. This percentage is called the required reserve ratio（法定准备金率）. For example, if a credit union has checkable deposits in the amount of $1,000 and the Fed as set a 10 percent required reserve ratio, then the credit union must hold $100 in reserve as cash in its vaults or as deposits with the Fed.2、The Fed influences the amount of cash assets outstanding and hence the amount available for reserves.What is the significance of the changes in interest rates caused by changes in the demand for or supply of money?For example:Supply of money↑→ interest rates ↓→ cost of borrowing money ↓→ borrow money ↑→ credit ↑→aggregate demand for goods and services ↑→ general level of prices↑Credit（信用）- The flow of money from net lenders or financial intermediaries to net borrowers in a given time period. 在一定时期内，货币从贷方直接或是间接通过金融中介流向借方。