The concept of money, the usage of paper money in the United States, and the amount of money in circulation are probably ideas that most people take for granted. Chapter 15 explains the functions and characteristics of money and modern banking services.

Functions of Money
Section 1 describes the three functions of money: as a medium of exchange, a unit of accounting, and a store of value. The section also explores the six characteristics of money.

Money - Past and Present
Section 2 focuses on important events in the history of American money and banking and explains the various services provided by banks and other savings institutions. The section also analyzes the effects of electronic banking on banking services. Section 3 explains the difference between money and near moneys. The components of the M1 and M2 definitions of the money supply are also described.