What is money? Explain the four definitions of money discussed in class.

What makes a dollar bill money? What makes a personal check money? What factors, if changed, would affect your willingness to accept a dollar bill or a check as money?

What is barter? Explain the double coincidence of wants problem that exists in barter.

Explain the six stages of money's evolution. What is the relationship between use and exchange value as money evolves?

Define: commodity money, commodity standard, and fiat money.

What are the "money-ish" qualities of gold and silver?

Explain how the modern banking developed during the time of the goldsmith bankers. Why would some goldsmith bankers engage in fraud?

Why might a $20 Federal Reserve Note be more desirable as a form of money than a $20 gold coin from the point of view of an individual? How about from the point of view of the government?

Define seigniorage. How can it be increased?

Explain the U-shaped cost of exchange curve.