Functions of Money

Description

Economics
hannahcollins030
Flashcards by hannahcollins030, updated more than 1 year ago
hannahcollins030
Created by hannahcollins030 over 10 years ago
240
6

Resource summary

Question Answer
A Means of Exchange/Primary Function Money enables people to freely exchange g&s that they don't produce. Overcomes bartering.
A Measure of volume/Unit of account The amount of money given for a product is the reflection of the value of that product
A means of Deferred Payment Get a good now and pay later as money won't lose value. Increase sales & stimulate economy.
A store of Wealth Save money now and will still be valuable later. High inflation undermines this
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