Using your reading of chapter 2, please define the following terms in your own words. Barter, check, commodity money, e-money, fiat money, M1 and M2, payment systems.
a) Barter - The direct exchange of goods and services without using money.
b) Check - A written order to a bank to pay a specified sum.
c) Commodity Money - Money that has intrinsic value, such as gold or silver.
d) E-money - Electronic or digital currency used for online transactions.