Explain which of the following items are money in the U.S. economy. Discuss your answers in terms of three functions of money. 1. US $100 2. Euro 3. Mona Lisa painting 4. American Express credit card

$100

Mona Lisa painting

Explanation:

To start with, I will list the 3 primary functions of money, which are;

store of value,

unit of account, and

medium of exchange.

Going by the above, I would say that 2 of the 4 options presented before us are money, why so?

A $100 bill is definitely money, no much explanation is needed here, because it's used daily as a means of exchange between people

2. Euro is not a form of money in the US. While it is a form of money in many other places, it's not in the US because it doesn't satisfy the "medium of exchange" criteria of function of money. Euro can not be spent in a store or anywhere in the country, without it having been first exchanged into dollars

3. Mona Lisa painting, part of the functions of money is to store value, and I believe very much, a painting is a good store of money in that regard.

4. American Express credit card is not a form of money because unlike money

being used essentially, to pay for goods and services directly, a credit card is more or less, a store of wealth that is lent by the bank

Alana needs to carve out a specific monthly budget for herself and keep to it. She could make use of the envelope method to do so. She has to work enough to earn at least $600 in one month, that would take care of her expenses (rent, food, transport etc) that come out to be $524.

Step-by-step explanation:

Alana needs to be more aware of her spending pattern, only then will she be able to save a certain amount of money on a monthly basis. Creating a cash flow statement will help her in this regard.