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Learn how money serves as a medium of exchange, a standard of deferred payment, a store of wealth, and a measure of value in today's society. Compare and contrast money and barter economy, and explore the characteristics and examples of money.
Learn how money serves as a medium of exchange, store of value, unit of account, and standard of deferred payment. Compare commodity money and fiat money, and their advantages and disadvantages.
Learn what money is and how it works as a medium of exchange, a store of value, and a unit of account. Explore different types of money, such as currency, commodity money, and fiat money, and how they are measured by monetary aggregates.
Sep 30, 2023 · Money is a system of value that facilitates the exchange of goods in an economy. It has five properties: fungibility, durability, portability, recognizability, and stability. It also has four functions: medium of exchange, unit of account, store of value, and standard of deferred payment.
May 4, 2024 · Functions of money. The basic function of money is to enable buying to be separated from selling, thus permitting trade to take place without the so-called double coincidence of barter. In principle, credit could perform this function, but, before extending credit, the seller would want to know about the prospects of repayment. That requires ...
Learning Objectives. Define money and discuss its three basic functions. Distinguish between commodity money and fiat money, giving examples of each. Define what is meant by the money supply and tell what is included in the Federal Reserve System’s two definitions of it (M1 and M2).
Learn how money serves as a medium of exchange, a store of value, and a unit of value in this video by Grant Sanderson. See examples of barter economy and how money simplifies trade and comparison of goods and services.
- 6 min
- Grant Sanderson
