For each of the following items, discuss whether they are money. Explain why or why not....
For each of the following items, discuss whether they are money. Explain why or why not.
1. Landholdings
2. Cryptocurrencies like Bitcoin or Tether
3. Physical gold
4. Virtual currency in video games, such as gold in Runescape • A scrap of paper on which your roommate has written “IOU”
Homework Answers
Money is anything which serves the following three functions:
- Unit of account
- Store of value
- Medium of exchange
1. Landholdings are not a unit of account and thus not money
2. Crypto currency: are not money as they are not an easy acceptable medium of exchange
3. Physical gold: It is not a stable unit of account and it cannot be counted as money since its value will get changed as price of gold changes
4 Virtua currency is not a widely acceptable medium of exchange and will thus not be counted as money
5. A scrap of paper can be counted as money as it is a unit of account and medium of exchange for the amount stated.
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