{"id":2861,"date":"2023-02-19T16:10:56","date_gmt":"2023-02-19T16:10:56","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/measuring-and-tracking-the-money-supply\/"},"modified":"2025-05-20T16:01:08","modified_gmt":"2025-05-20T16:01:08","slug":"measuring-and-tracking-the-money-supply","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/measuring-and-tracking-the-money-supply\/","title":{"raw":"Learn It 4.2.1: The U.S. Banking System","rendered":"Learn It 4.2.1: The U.S. Banking System"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain the difference between M1 and M2 money supply&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain the difference between M1 and M2 money supply<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain the role of banks&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14721,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain the role of banks<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the functions of the Federal Reserve System&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the functions of the Federal Reserve System<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what the Federal Reserve System does to carry out monetary policy&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what the Federal Reserve System does to carry out monetary policy<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>The U.S. Banking System<\/h2>\r\n<p>Now that you have a good understanding of money, what qualifies as money, and how money facilitates exchanges between buyers and sellers, we need to look at how money evolves from a medium of exchange to a system.<\/p>\r\n<h2>What Is Included in the Money Supply?<\/h2>\r\n<p>Cash in your wallet\u00a0certainly serves as money, but how about checks or credit cards? Are they money, too? Rather than trying to determine a single way of measuring money, economists use broader definitions of money based on liquidity. <strong><span class=\"no-emphasis\">Liquidity<\/span><\/strong> refers to how quickly a financial asset can be used to buy a good or service. For example, cash is very liquid. Your $10 bill can easily be used to buy a hamburger at lunchtime. However, $10 that you have in your savings account is not so easy to use. You must first go to the bank or ATM machine and withdraw that cash to buy your lunch. Thus, $10 in your savings account is less\u00a0liquid than cash in your pocket.<\/p>\r\n<p id=\"fs-idp21739664\">The <strong><span class=\"no-emphasis\">Federal Reserve Bank<\/span><\/strong>, which is the central bank of the United States, is a bank regulator. It's responsible for monetary policy, and it defines money according to its liquidity. There are two categories of money: M1 and M2 money supply.<\/p>\r\n<section class=\"textbox keyTakeaway\">\r\n<h3>M1 and M2 money supply<\/h3>\r\n<p><strong>M1 money supply<\/strong>\u00a0includes those monies that are very liquid such as cash and demand deposits.<\/p>\r\n<p><strong>M2 money supply<\/strong> is less liquid in nature and includes M1 monies, plus savings and time deposits and other money that is not immediately available.<\/p>\r\n\r\n[caption id=\"attachment_7627\" align=\"aligncenter\" width=\"575\"]<img class=\"wp-image-7627 \" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1.png\" alt=\"The figure shows that the components of M1 money supply are part of the M2 money supply. M1 includes coins and currency in circulation, checkable (demand) deposit, and traveler\u2019s checks. M2 contains M1 money supply, savings deposits, money market funds, certificates of deposit, and other time deposits.\" width=\"575\" height=\"363\" \/> Figure 1. The Relationship between M1 and M2 Money.[\/caption]\r\n<\/section>\r\n<figure id=\"CNX_Econ_C27_001\" class=\"ui-has-child-figcaption\">\r\n<figcaption><\/figcaption>\r\n<\/figure>\r\n<p id=\"fs-idp19112560\">M1 money supply includes coins and currency that circulate in an economy and are not held by the U.S. Treasury, at the Federal Reserve Bank, or in bank vaults. Closely related to currency are checkable deposits, also known as\u00a0<strong>demand deposits<\/strong>. These are the amounts held in checking accounts. They are called demand deposits or checkable deposits, because the banking institution must give the deposit holder their money \u201con demand\u201d when a check is written or a debit card is used. Circulating currency and demand deposits in banks make up the money defined as M1 and it is measured daily by the Federal Reserve System.<\/p>\r\n<p id=\"fs-idp11255488\">M2 is a broader category of money. It includes everything in M1 but also adds other types of deposits. For example, M2 includes <strong>savings deposits<\/strong> in banks, which are bank accounts on which you cannot write a check directly, but from which you can easily withdraw the money at an automatic teller machine or bank. Many banks and other financial institutions also offer a chance to invest in <strong>money market funds<\/strong>, where the deposits of many individual investors are pooled together and invested in a safe way, such as in short-term government bonds. Another portion\u00a0of M2 is\u00a0<span class=\"no-emphasis\"><strong>certificates of deposit<\/strong> (CDs) and other<\/span>\u00a0<strong>time deposits<\/strong>, which are accounts that the depositor has committed to leaving in the bank for a certain period of time, ranging from a few months to a few years, in exchange for a higher interest rate. All these types of M2 are money that you can withdraw and spend, but which require a greater effort to do so than the items in M1.<\/p>\r\n<h2>Measuring the Money Supply<\/h2>\r\n<p id=\"fs-idp23549536\">The Federal Reserve System is responsible for tracking the amounts of M1 and M2 and prepares a weekly release of information about the money supply. For example, according to the Federal Reserve Bank\u2019s measure of the U.S. money stock, in March 2025, M1 in the United States was $18.56 trillion, while M2 was $21.62 trillion. The Federal Reserve Bank reports a breakdown of the portion of each type of money that comprised M1 and M2 each month.[footnote]Board of Governors of the Federal Reserve System, Money Stock Measures.\u00a0 https:\/\/www.federalreserve.gov\/releases\/h6\/current\/default.htm[\/footnote]<\/p>\r\n<p id=\"fs-idm7139248\">The lines separating M1 and M2 can become a little blurry. Sometimes elements of M1 are not treated alike; for example, some businesses will not accept personal checks for large amounts but will accept cash. Changes in banking practices and technology have made the savings accounts in M2 more similar to the checking accounts in M1. For example, some savings accounts will allow depositors to write checks, use automatic teller machines, and pay bills over the Internet, which has made it easier to access savings accounts.<\/p>\r\n<h3>Plastic Money<\/h3>\r\n<p id=\"fs-idm41313488\">Where does \u201cplastic money\u201d like debit cards, credit cards, and smart money fit into this picture? A debit card, like a check, is an instruction to the user\u2019s bank to transfer money directly and immediately from your bank account to the seller. It is important to note that it is the money in the demand deposits that is counted as money, not the paper check or the debit card. Although you can make a purchase with a credit card, it is not considered money but rather a short-term loan from the credit card company to you. When you make a purchase with a credit card, the credit card company immediately transfers money from its checking account to the seller, and at the end of the month, the credit card company sends you a bill for what you have charged that month. Until you pay the credit card bill, you have basically borrowed money from the credit card company.<\/p>\r\n<p id=\"fs-idm17403200\">In short, credit cards and debit cards are different ways to move money when a purchase is made. But having more credit cards or debit cards does not change the quantity of money in the economy, any more than having more checks printed increases the amount of money in your checking account.\u00a0One key message here\u00a0is that counting and tracking the money in a modern economy doesn't just involve paper bills and coins; instead, money is closely linked to bank accounts. Indeed, the macroeconomic policies concerning money are largely conducted through the <span class=\"no-emphasis\">banking system<\/span>. The next section explains how banks function as an intermediary to financial transactions.<\/p>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"425\"]3837[\/ohm2_question]<\/section>\r\n<section class=\"textbox tryIt\">[ohm2_question hide_question_numbers=1]3837[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain the difference between M1 and M2 money supply&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain the difference between M1 and M2 money supply<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Explain the role of banks&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14721,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Explain the role of banks<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand the functions of the Federal Reserve System&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand the functions of the Federal Reserve System<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what the Federal Reserve System does to carry out monetary policy&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:15233,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:0,&quot;11&quot;:4,&quot;12&quot;:0,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what the Federal Reserve System does to carry out monetary policy<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>The U.S. Banking System<\/h2>\n<p>Now that you have a good understanding of money, what qualifies as money, and how money facilitates exchanges between buyers and sellers, we need to look at how money evolves from a medium of exchange to a system.<\/p>\n<h2>What Is Included in the Money Supply?<\/h2>\n<p>Cash in your wallet\u00a0certainly serves as money, but how about checks or credit cards? Are they money, too? Rather than trying to determine a single way of measuring money, economists use broader definitions of money based on liquidity. <strong><span class=\"no-emphasis\">Liquidity<\/span><\/strong> refers to how quickly a financial asset can be used to buy a good or service. For example, cash is very liquid. Your $10 bill can easily be used to buy a hamburger at lunchtime. However, $10 that you have in your savings account is not so easy to use. You must first go to the bank or ATM machine and withdraw that cash to buy your lunch. Thus, $10 in your savings account is less\u00a0liquid than cash in your pocket.<\/p>\n<p id=\"fs-idp21739664\">The <strong><span class=\"no-emphasis\">Federal Reserve Bank<\/span><\/strong>, which is the central bank of the United States, is a bank regulator. It&#8217;s responsible for monetary policy, and it defines money according to its liquidity. There are two categories of money: M1 and M2 money supply.<\/p>\n<section class=\"textbox keyTakeaway\">\n<h3>M1 and M2 money supply<\/h3>\n<p><strong>M1 money supply<\/strong>\u00a0includes those monies that are very liquid such as cash and demand deposits.<\/p>\n<p><strong>M2 money supply<\/strong> is less liquid in nature and includes M1 monies, plus savings and time deposits and other money that is not immediately available.<\/p>\n<figure id=\"attachment_7627\" aria-describedby=\"caption-attachment-7627\" style=\"width: 575px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-7627\" src=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1.png\" alt=\"The figure shows that the components of M1 money supply are part of the M2 money supply. M1 includes coins and currency in circulation, checkable (demand) deposit, and traveler\u2019s checks. M2 contains M1 money supply, savings deposits, money market funds, certificates of deposit, and other time deposits.\" width=\"575\" height=\"363\" srcset=\"https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1.png 774w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1-300x190.png 300w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1-768x485.png 768w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1-65x41.png 65w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1-225x142.png 225w, https:\/\/content-cdn.one.lumenlearning.com\/wp-content\/uploads\/sites\/15\/2023\/02\/19155422\/L4.2.1-350x221.png 350w\" sizes=\"(max-width: 575px) 100vw, 575px\" \/><figcaption id=\"caption-attachment-7627\" class=\"wp-caption-text\">Figure 1. The Relationship between M1 and M2 Money.<\/figcaption><\/figure>\n<\/section>\n<figure id=\"CNX_Econ_C27_001\" class=\"ui-has-child-figcaption\"><figcaption><\/figcaption><\/figure>\n<p id=\"fs-idp19112560\">M1 money supply includes coins and currency that circulate in an economy and are not held by the U.S. Treasury, at the Federal Reserve Bank, or in bank vaults. Closely related to currency are checkable deposits, also known as\u00a0<strong>demand deposits<\/strong>. These are the amounts held in checking accounts. They are called demand deposits or checkable deposits, because the banking institution must give the deposit holder their money \u201con demand\u201d when a check is written or a debit card is used. Circulating currency and demand deposits in banks make up the money defined as M1 and it is measured daily by the Federal Reserve System.<\/p>\n<p id=\"fs-idp11255488\">M2 is a broader category of money. It includes everything in M1 but also adds other types of deposits. For example, M2 includes <strong>savings deposits<\/strong> in banks, which are bank accounts on which you cannot write a check directly, but from which you can easily withdraw the money at an automatic teller machine or bank. Many banks and other financial institutions also offer a chance to invest in <strong>money market funds<\/strong>, where the deposits of many individual investors are pooled together and invested in a safe way, such as in short-term government bonds. Another portion\u00a0of M2 is\u00a0<span class=\"no-emphasis\"><strong>certificates of deposit<\/strong> (CDs) and other<\/span>\u00a0<strong>time deposits<\/strong>, which are accounts that the depositor has committed to leaving in the bank for a certain period of time, ranging from a few months to a few years, in exchange for a higher interest rate. All these types of M2 are money that you can withdraw and spend, but which require a greater effort to do so than the items in M1.<\/p>\n<h2>Measuring the Money Supply<\/h2>\n<p id=\"fs-idp23549536\">The Federal Reserve System is responsible for tracking the amounts of M1 and M2 and prepares a weekly release of information about the money supply. For example, according to the Federal Reserve Bank\u2019s measure of the U.S. money stock, in March 2025, M1 in the United States was $18.56 trillion, while M2 was $21.62 trillion. The Federal Reserve Bank reports a breakdown of the portion of each type of money that comprised M1 and M2 each month.<a class=\"footnote\" title=\"Board of Governors of the Federal Reserve System, Money Stock Measures.\u00a0 https:\/\/www.federalreserve.gov\/releases\/h6\/current\/default.htm\" id=\"return-footnote-2861-1\" href=\"#footnote-2861-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/p>\n<p id=\"fs-idm7139248\">The lines separating M1 and M2 can become a little blurry. Sometimes elements of M1 are not treated alike; for example, some businesses will not accept personal checks for large amounts but will accept cash. Changes in banking practices and technology have made the savings accounts in M2 more similar to the checking accounts in M1. For example, some savings accounts will allow depositors to write checks, use automatic teller machines, and pay bills over the Internet, which has made it easier to access savings accounts.<\/p>\n<h3>Plastic Money<\/h3>\n<p id=\"fs-idm41313488\">Where does \u201cplastic money\u201d like debit cards, credit cards, and smart money fit into this picture? A debit card, like a check, is an instruction to the user\u2019s bank to transfer money directly and immediately from your bank account to the seller. It is important to note that it is the money in the demand deposits that is counted as money, not the paper check or the debit card. Although you can make a purchase with a credit card, it is not considered money but rather a short-term loan from the credit card company to you. When you make a purchase with a credit card, the credit card company immediately transfers money from its checking account to the seller, and at the end of the month, the credit card company sends you a bill for what you have charged that month. Until you pay the credit card bill, you have basically borrowed money from the credit card company.<\/p>\n<p id=\"fs-idm17403200\">In short, credit cards and debit cards are different ways to move money when a purchase is made. But having more credit cards or debit cards does not change the quantity of money in the economy, any more than having more checks printed increases the amount of money in your checking account.\u00a0One key message here\u00a0is that counting and tracking the money in a modern economy doesn&#8217;t just involve paper bills and coins; instead, money is closely linked to bank accounts. Indeed, the macroeconomic policies concerning money are largely conducted through the <span class=\"no-emphasis\">banking system<\/span>. The next section explains how banks function as an intermediary to financial transactions.<\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm3837\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3837&theme=lumen&iframe_resize_id=ohm3837&source=tnh&show_question_numbers\" width=\"100%\" height=\"425\"><\/iframe><\/section>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm3837\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=3837&theme=lumen&iframe_resize_id=ohm3837&source=tnh\" width=\"100%\" height=\"150\"><\/iframe><\/section>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2861-1\">Board of Governors of the Federal Reserve System, Money Stock Measures.\u00a0 https:\/\/www.federalreserve.gov\/releases\/h6\/current\/default.htm <a href=\"#return-footnote-2861-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":21,"menu_order":8,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Measuring Money from Macroeconomics\",\"author\":\"OpenStax\",\"organization\":\"Rice University\",\"url\":\"http:\/\/cnx.org\/contents\/QGHIMgmO@10.235:I43bJArL@6\/Measuring-Money-Currency-M1-an\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Revision and adaptation\",\"author\":\"Linda S. Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"Currencies\",\"author\":\"16:9clue\",\"organization\":\"Wikimedia\",\"url\":\"https:\/\/www.flickr.com\/photos\/53255320@N07\/6724868813\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"pd\",\"description\":\"Federal Reserve Statistical Release\",\"author\":\"\",\"organization\":\"Federal Reserve\",\"url\":\"http:\/\/www.federalreserve.gov\/RELEASES\/h6\/current\/default.htm#t2tg1link\",\"project\":\"\",\"license\":\"pd\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Practice Question\",\"author\":\"Nina Burokas\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"The Relationship Between M1 and M2 Money\",\"author\":\"OpenStax: Modified by Lumen Learning\",\"organization\":\"Rice University\",\"url\":\"http:\/\/cnx.org\/contents\/QGHIMgmO@10.235:I43bJArL@6\/Measuring-Money-Currency-M1-an\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":2853,"module-header":"learn_it","content_attributions":[{"type":"cc","description":"Measuring Money from Macroeconomics","author":"OpenStax","organization":"Rice University","url":"http:\/\/cnx.org\/contents\/QGHIMgmO@10.235:I43bJArL@6\/Measuring-Money-Currency-M1-an","project":"","license":"cc-by","license_terms":""},{"type":"original","description":"Revision and adaptation","author":"Linda S. Williams and Lumen Learning","organization":"","url":"","project":"","license":"cc-by","license_terms":""},{"type":"cc","description":"Currencies","author":"16:9clue","organization":"Wikimedia","url":"https:\/\/www.flickr.com\/photos\/53255320@N07\/6724868813\/","project":"","license":"cc-by","license_terms":""},{"type":"pd","description":"Federal Reserve Statistical Release","author":"","organization":"Federal Reserve","url":"http:\/\/www.federalreserve.gov\/RELEASES\/h6\/current\/default.htm#t2tg1link","project":"","license":"pd","license_terms":""},{"type":"original","description":"Practice Question","author":"Nina Burokas","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""},{"type":"cc","description":"The Relationship Between M1 and M2 Money","author":"OpenStax: Modified by Lumen Learning","organization":"Rice University","url":"http:\/\/cnx.org\/contents\/QGHIMgmO@10.235:I43bJArL@6\/Measuring-Money-Currency-M1-an","project":"","license":"cc-by","license_terms":""}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2861"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/users\/21"}],"version-history":[{"count":17,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2861\/revisions"}],"predecessor-version":[{"id":9376,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2861\/revisions\/9376"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/parts\/2853"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapters\/2861\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/media?parent=2861"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/pressbooks\/v2\/chapter-type?post=2861"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/contributor?post=2861"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/wp-json\/wp\/v2\/license?post=2861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}