Money
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Questions and Answers

What is the function of money as a unit of account?

Money as a unit of account means that the value of goods and services are stored and expressed or quoted with the use of a single item, usually a country's currency.

What is the role of money as a standard measure of value?

Money serves as a standard measure of value that allows people to compare the prices of different items and assess their relative worth.

How can money be used as a store of value?

Money can be stored and used for future use, allowing individuals to save or hold onto it for later.

What does money provide as a common unit of measurement?

<p>Money provides a common unit of measurement for valuing goods and services.</p> Signup and view all the answers

Which term refers to the requirement that in a direct exchange of goods or services between two parties, both parties must want what the other has to offer?

<p>Double coincidence of wants</p> Signup and view all the answers

What is the main function of money as a medium of exchange?

<p>To enable trading for goods and services</p> Signup and view all the answers

What does money being generally accepted as a means of payment imply?

<p>Money is accepted by most sellers as a method of payment</p> Signup and view all the answers

What is the prerequisite of the barter system?

<p>Double coincidence of wants</p> Signup and view all the answers

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