2:33 In an exchange economy such as the United States people exchange their lavor or goods and services for the thing called money wich they then use to purchase good and services their desired 2:44 If the items used as money has no actual value nor are they representative of and redimeable ins something that has actual value the money itself cannot be considered real wellth, unvalue the money is Fiat money, and people accept it for their goods and services and hope that they will be able to exchange the Fiat money for the goods and services of others 3:07Such an arrashment can be quite convein but is also subject to an obious weakness 3:13 the items actually use as money do not come into existance automatectly, they are created by someone out of something. 