ECONOMICS
BUSINESS CYCLES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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an asset that can be used to transport purchasing power from one period of time to another
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a standard unit that provides a consistent way of quoting price
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the ability to buy something today but to defer payment to the future
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what sellers generally accept and buyers generally use to pay for goods and services
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Detailed explanation-1: -Currency is the most common medium of exchange accepted as a standard by all parties for settling economic transactions. In modern economies, currency as a medium of exchange has made economic dynamics possible.
Detailed explanation-2: -Currency is a medium for exchange of goods and services.
Detailed explanation-3: -Money is a liquid asset used to facilitate transactions of value. It is used as a medium of exchange between individuals and entities. It’s also a store of value and a unit of account that can measure the value of other goods.
Detailed explanation-4: -A medium of exchange is a portable instrument that is used as an intermediary to facilitate the sale and purchase of goods between parties. In modern economies, the medium of exchange is currency. A currency must remain reasonably stable in value in order for it to work as an intermediary.
Detailed explanation-5: -Money: Money is anything which is used as an exchange for goods and services in the daily life. For example, Currency is the most common form of currency such as coins, notes etc.