1. Money is any asset that can easily be used to purchase goods and services. Money consists...

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1. Money is any asset that can easily be used to purchase goods and services. Money consists of cash, which is liquid by definition, as well as other highly liquid assets.

Currency in circulation and checkable bank deposits are both considered part of the money supply. Money plays three roles: it is a medium of exchange used for transactions, a store of value that holds purchasing power over time, and a unit of account in which prices are stated.

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