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16 September, 19:06

Most of the time it is quite difficult to separate the three functions of money. Money performs its three functions at all times, but sometimes we can stress one in particular. For each of the following situations, identify which function of money is emphasized.?

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  1. 16 September, 19:35
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    The correct answer is Medium of exchange, Unit of account, store of account.

    Explanation:

    Money offers four main functions in an economy: medium of exchange, unit of account, deposit of value and deferred payment standard. Means of payment means that money is used to make transactions. Unit of account also refers to the measure of value, that is, prices are established in terms of money, of this unit.

    The deposit of value means that value, the satisfaction of desires and needs, can be stored over time, using money. Deferred payment standard means that future payments, such as the payment of a car loan, are also established in terms of monetary unit.
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