Problem
1. What is the difference between commodity money and fiat money?
2. What are the three functions of money? Which function is the most important?
3. What are the characteristics that something needs to possess in order to function as money?
4. What are the components of M1 and M2? List them.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.