1. What is the primary basis for the social constitution of money according to the course summary?
2. Which of the following best describes the nominal features of successful money as outlined in the course?
3. According to the course, how is modern money primarily created in contemporary economies?
Money — definition?
A social construct with debt and purchasing powers.
Legal tender laws — role?
Formalize certain items as universally accepted for debt discharge.
Money creation — mechanism?
Primarily through bank lending driven by profit motives.
Money — definition?
A social phenomenon created through social positioning.
Unit of account — role?
A community-accepted measure of value.
Value — origin?
From desire; relational and subjective.
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