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What is the difference between commodity money and fiat money? ( 50 words minimum) ANSWER: What is the definition of M1 in the Money Supply?

What is the difference between commodity money and fiat money? ( 50 words minimum) ANSWER: What is the definition of M1 in the Money Supply? ANSWER: How is M2 different from M1? ANSWER: Al deposits $1000 into his commercial bank (Stoneham Bank). True or False: Stoneham bank now has an asset on it's books worth $1,000? Why is this answer true or false? (75 words minimum) ANSWER: In many casinos, a person buys chips to use for gambling. Within the walls of the casino, these chips can often be used to buy food and drink or even a hotel room. Do chips in a gambling casino serve all three functions of money? Why or why not

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