Question: 5 6 1. Define money and discuss its three basic functions. 2. Distinguish between commodity money and fiat money, giving examples of each. 3. Define

5 6 1. Define money and discuss its three basic functions. 2. Distinguish between commodity money and fiat money, giving examples of each. 3. Define what is meant by the money supply and tell what is included in the Federal Reserve System's two definitions of it (M1 and M2)

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