Money makes a variety of economic transactions possi-ble.
in the following three situations, determine whether money is involved in the transaction. in prison camps during world war ii, and in some prisons today, cigarettes circulate among prisoners. for example, a cell phone might cost 600 cigarettes, whereas a magazine might cost only two cigarettes.
1. discuss whether cigarettes are fulfilling all three func-tions of money in this case.
2. over the last 50 years, credit cards have become an increasingly popular way for people to purchase goods and services. are credit cards money?
3. almost every day, many people sign their names to little pieces of paper called checks, which are then accepted in exchange for goods and services. do these checks constitute money?