Describe the difference between inside money and outside money, and explain whether each of the following items represent inside money or outside money:
a.Checking accountsb.Coinsc.Travelers checksd.Money-market mutual fundse.$100 bills
What will be an ideal response?
Inside money is created by the private sector, whereas outside money is created by the government or nature.?
| a. | Checking accounts represent inside money. |
| b. | Coins represents outside money. |
| c. | Travelers check represents inside money. |
| d. | Money-market mutual funds represents inside money |
| e. | $100 bills represent outside money. |
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