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The Financial Services Commission has invited you to publish an article in their Business Magazine. The topic is The Role of Money in Society. They have given you the following pointers to aid in the development of your article:
1. Trace the development of money
a. barter
b. commodity
c. fiat money
2. Explain the role of money in society
3. Differentiate between the characteristics and the functions of money
4. Explain the different forms of money in today's world
a. commodity
b. near money
d. token money
e. broad money
f. money substitutes
g. m1, m2, m3 and m4
Suppose the mayor is suggesting an increase in gas taxes that would affect the commute costs and thus bid rent curves for residents Pr=5.5-0.75x. Calculate the new size of the city.
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