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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What are the four functions that money serves?

To determine

The functions of money are to be determined.

Explanation

Four functions of money are as follows:

  1. Store of value: Money is a most liquid asset (Liquid asset means easily can be spent when require). Money retains the purchasing power into the future.
  2. Standard of deferred payment: This means anything can be buy today and the payment can be made in future date. Agreements and loans are given to make payment in future. So, standard of deferred payment allows to make payment in future for goods and services taken today.
  3. Medium of exchange:Money is a mediator between buyer and seller...

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