Discuss this statement: “A man with a million dollars who is lost in the desert learns the meaning of money.”
Could each of the following items potentially serve as money? Consider each as (1) a medium of exchange, (2) a unit of account, and (3) a store of value.
a. Visa credit card.
b. Federal Reserve note.
c. Dog.
d. Beer mug.
Consider each of the items in the above question in terms of scarcity, portability, divisibility, and uniformity.