ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Currency
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Store of value
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Medium of exchange
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Unit of account
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Detailed explanation-1: -Fiat currencies function as money with “no intrinsic value” but rather exchange values which facilitate a measurable value of exchange. The market measures or sets the real value of various goods and services using the medium of exchange as a unit of measure i.e., standard or the yard stick of measurement of wealth.
Detailed explanation-2: -money: anything customarily. used as a medium of exchange, a unit of accounting, and a store. of value.
Detailed explanation-3: -Money serves as a medium of exchange, as a store of value, and as a unit of account.
Detailed explanation-4: -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-5: -A medium of exchange is anything that is used to determine value during the exchange of goods and services.