ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Medium of Exchange
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Unit of Account
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Store of Value
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Uniformity
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Detailed explanation-1: -Money became a powerful medium for comparing prices of goods and services. It became the standard unit of measurement in terms of which the value of all goods and services are being measured and expressed (known as price). It is treated as the standard unit of borrowing and lending activities.
Detailed explanation-2: -A unit of account is a means for comparing the values of goods and services.
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: -Money is an example of a unit of account which is a type of asset in an economy that can be used in exchange for goods and services. Money is fungible in the sense that each unit of money is considered to be no different than any other unit.