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94
What three things does money do for you? Explain each.
1) Medium of exchange - it is accepted for goods and services (most important)
2) Standard unit of account - prices are generally quoted in dollars and not goats or silly bands
3) Store of value - way of holding wealth (not the only way to hold wealth; can be in land, bonds, etc.)
2) Standard unit of account - prices are generally quoted in dollars and not goats or silly bands
3) Store of value - way of holding wealth (not the only way to hold wealth; can be in land, bonds, etc.)
Flashcard info:
Author: savhighsmith
Main topic: Economics
Topic: History of Economics
School / Univ.: UGA
City: Athens
Published: 12.10.2010