ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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estimated/products
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monetary/services
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certain/products
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monetary/products
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Detailed explanation-1: -Due to money’s use as a medium of exchange for buying and selling and as a value indicator for all kinds of goods and services, money can be used as a unit of account. That means money can keep track of changes in the value of items over time and multiple transactions.
Detailed explanation-2: -A unit of account is the standard denomination of money used by investors, economists, and accountants to measure value. A unit of account provides a common reference point to convey value across different goods.
Detailed explanation-3: -: a monetary unit or measure of value (as a coin) in terms of which accounts are kept and values stated.
Detailed explanation-4: -As a unit of account, money serves as the common base of comparison that people use to present prices and record debts. Without a common unit of account, these tasks would be much more difficult. The third function of money, as a store of value, is one that we all know well.
Detailed explanation-5: -Money serves as a medium of exchange, as a store of value, and as a unit of account.