Question: 1. Define money. 2. Describe the work or economic functions that money performs. 3. Define barter and explain why it is economically inefficient. 4. Explain

1. Define money.

2. Describe the work or economic functions that money performs.

3. Define barter and explain why it is economically inefficient.

4. Explain why some forms of commodity money are better than others.

5. Explain why representative money and credit money supplanted commodity money.

6. Define the money supply and explain how and why it is measured.

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Answer Money and its Functions 1 Money Definition Money is a generally accepted medium of exchange a unit of account and a store of value It acts as an intermediary good that simplifies the exchange o... View full answer

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