Money that is created in the private sector, such as checking accounts at banks, is referred to as:

Name: Money that is created in the private sector, such as checking accounts at banks, is referred to as:
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Money that is created in the private sector, such as checking accounts at banks, is called inside money. This is because it represents a liability of the private institution that created it, rather than being backed by a commodity or authority such as gold or government currency.

Money That Is Created in the Private Sector, Such as Checking