Question

In: Economics

Determine the function of money that is highlighted in the following descriptions: a. Riley buys flowers...

Determine the function of money that is highlighted in the following descriptions: a. Riley buys flowers for his girlfriend for their ten-day anniversary.
b. Abby puts cash under her mattress to have on hand for unexpected emergencies. c. Emma compares the prices of the two latest models of calculators before purchasing one.

d. Franny deposits a portion of his paycheck into a savings account to pay for his potential child’s education.

Expert Solution

(a)

Riley buys flowers for his girlfriend for their ten-day anniversary.

In this case, money is used to buy a good.

So, meduim of exchange function of money is highlighted in this case.

(b)

Abby puts cash under her mattress to have on hand for unexpected emergencies.

In this case, cash is being stored for usage in future (in case unexpected emergencies occurs).

So, store of value function of money is highlighted in this case.

(c)

Emma compares the prices of the two latest models of calculators before purchasing one.

In this case, money is used to measure the value of two goods so that they can be compared.

So, measure of value function of money is highlighted in this case.

(d)

Franny deposits a portion of his paycheck into a savings account to pay for his potential child’s education.

In this case, money is being kept for some future payment.

So, standard of deferred payment function of money is highlighted in this case.

Rahul Sunny answered 2 years ago

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