Money is defined as a medium of exchange, unit of account and store of value. Explain...

Money is defined as a medium of exchange, unit of account and store of value. Explain these functions in detail and give examples (300 words)

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Rahul Sunny answered 2 years ago

Money is defined as a medium of exchange, store of value, and a unit of account....

Money is defined as a medium of exchange, store of value, and a unit of account. With regards to cryptocurrencies, can these be considered as a storage of value ? explain in detail.

1. What is money? Discuss the characteristics of money as medium of exchange, unit of account,...

1. What is money? Discuss the characteristics of money as medium of exchange, unit of account, store of value, and means of deferred payment.

1. The medium of exchange function of money eliminates: A. the opportunity cost of holding money....

1. The medium of exchange function of money eliminates: A. the opportunity cost of holding money. B. barter, or the exchange of goods for goods. C. the need for chequing accounts. D. the need for currency. 2. Barter requires the existence of: A. the backing of the government. B. the double coincidence of wants. C. paper currency and coins. D. gold or silver.

Explain why a market structure in which money is used as a medium of exchange is more conducive to the expansion of trade and exchange than a barter system.

Explain why a market structure in which money is used as a medium of exchange is more conducive to the expansion of trade and exchange than a barter system. What is money? Explain the three functions that money performs. What is the relationship between money and inflation? Explain

What does it mean when we say that money functions as a medium of exchange, as...

What does it mean when we say that money functions as a medium of exchange, as a store of value, and as a unit of account?

Gold and cigarettes can function as money for transactions (a medium of exchange.) a) What characteristics...

Gold and cigarettes can function as money for transactions (a medium of exchange.) a) What characteristics of gold and cigarettes make them well suited to serve as a medium of exchange or limit their suitability for serving as a medium of exchange? Explain. Be specific. (7-11 sentences) b) Are gold and cigarettes commodity or fiat money? Are US dollars commodity or fiat money? Explain. (3-5 sentences)

What are the three functions performed by money? a. Medium of exchange, barter, and purchasing power...

What are the three functions performed by money? a. Medium of exchange, barter, and purchasing power b. Store of value, standard of value, and liquidity c. Medium of exchange, store of value, and standard of value d. Store of value, standard of value, and individual net worth

Which of the following is NOT a function of money? A. A store of value B....

Which of the following is NOT a function of money? A. A store of value B. A measure of inflation C. A medium of exchange D. A unit of account Which function of money is best served by bitcoin? A. A store of value B. A unit of account C. A medium of exchange The ease at which an asset can be converted into a medium of exchange is known as A. Wealth B. Profitability C. Inflation D. Liquidity Economists...

Money is defined by its functions, explain what money is. Explain what assets best serve the...

Money is defined by its functions, explain what money is. Explain what assets best serve the functions of money why money is measured as M1 and M2 (along a liquidity continuum). Finally explain what causes money, like the “dollar” to have value.

Value of the foreign exchange (3/10/2020) 1.00 USD One unit of the exchange in USD Value...

Value of the foreign exchange (3/10/2020) 1.00 USD One unit of the exchange in USD Value of the foreign exchange (5/9/2020) 1.00 USD One unit of the exchange in USD British Pound 0.77162 1.29597 British Pound 0.806035 1.24064 MULTIPLE CHOICE (from a to c) WITH THE INFORMATION SHOWN ABOVE A. Has your currency appreciated or depreciated against the dollar between March 10 and May 9, 2020? Choose from the answers above: a. It has depreciated b. It has stayed the...

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