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The most narrow definition of money that includes only currency and checkable deposits is referred to as M1. Here's a breakdown to help you understand:
1. **M1**: This category of money includes physical currency like coins and paper money in circulation among the public, as well as checkable deposits in banks and other financial institutions that can be accessed using checks or debit cards.
So, in this context, when you hear about M1, it specifically refers to the narrowest definition of money that includes only these two forms - currency and checkable deposits.
