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Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

7th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781285165912
Chapter 16.1, Problem 1QQ
Textbook Problem
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List and describe the three functions of money.

To determine
The three functions of money.

Explanation of Solution

Any commodity or item that the community accepts as payment for the goods and services is known as money. It can be any commodity that the consumer gives in exchange. There are mainly three functions for money and they are as follows:

  1. 1. Medium of exchange: The money is accepted as a medium of exchange and any commodity can be exchanged with the help of money. This avoids the issue of double coincidence of wants like in the case of barter system...

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