Answer: Money serves as a medium of exchange (so that money is accepted in exchange for goods and services), as a unit of account (so that prices are measured in units of money), and as a store of value (so that money is exchangeable at a later date).
- Medium of exchange: Any object that is generally accepted in exchange for goods and services. - Unit of account: An agreed measure for setting the prices of goods and services. - Store of value: Money can be kept and exchanged later for goods and services.
Answer:
ReplyDeleteMoney serves as a medium of exchange (so that money is accepted in exchange for goods and services), as a unit of account (so that prices are measured in units of money), and as a store of value (so that money is exchangeable at a later date).
- Medium of exchange: Any object that is generally accepted in exchange for goods and services.
ReplyDelete- Unit of account: An agreed measure for setting the prices of goods and services.
- Store of value: Money can be kept and exchanged later for goods and services.