ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Something that serves as a way to compare values?
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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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Explanation:
Detailed explanation-1: -Unit of Account: Unit of account means that the value of each good or service is measured in standard monetary units. The main difficulty that arose in the barter system was deciding the rate at which an exchange had to be carried out.
Detailed explanation-2: -Money serves as a medium of exchange, as a store of value, and as a unit of account.
Detailed explanation-3: -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.
Detailed explanation-4: -A unit of account is a means for comparing the values of goods and services.
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