Macroeconomics - Chapter 25: Money, Banks, and the Federal Reserve System

Money is anything that people are generally willing to accept in exchange for goods or services or in payment of debts. Money functions as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment. The Federal Reserve (Fed) is the central bank of the United States. The Fed’s three monetary policy tools are open market operations, discount policy, and reserve requirements.
The quantity theory of money provides insight into the long-run relationship between the money supply and inflation. In the long run, inflation results from the money supply growing at a faster rate than real GDP.

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