Let’s find out what counts as money. In this chapter, we used a typical definition of money: “a widely accepted means of payment.” Under this definition, are people using “money” in the following transactions? If not, why not?
a. Lucy sells her Saab to Karen for $1,000 in cash.
b. Lucy sells her Saab to Karen for $1,000 worth of old Bob Dylan records.
c. Lucy sells her Saab to Karen for $1,000 in checking account balances (transferred by writing a check).
d. Lucy sells her Saab to Karen by Karen promising $1,000 worth of auto detailing services over the next year.
e. Lucy sells her Saab to Karen for $1,000 worth of Revolutionary War–era continental dollars.