HarryPotter1212 HarryPotter1212

25-01-2021
Business

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Most of the time it is quite difficult to separate the three functions of money. Money performs its three functions at all times, but sometimes we can stress one in particular. For each of the following situations, identify which function of money is emphasized: _________
a) Brooke accepts money in exchange for performing her daily tasks at her office, since she knowsshe can use that money to buy goods and services: medium of exchange
b) Tim wants to calculate the relative value of oranges and apples, and therefore checks the price per pound of each of these goods quoted in currency units: unit of account
c) Maria is currently pregnant. She expects her expenditures to increase in the future and decides to increase the balance in her savings account: store of value

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ewomazinoade ewomazinoade

26-01-2021

Answer:

a medium of exchange

a unit of account

a store of value,

Explanation:

Functions of money

1. Medium of exchange : money can be used to exchange for goods and services. For example, money serves as a medium of exchange when you pay $20 for your favourite jeans

2. Unit of account : money can be used to value goods and services, For example, $20 is the value of your favourite jeans

3. Store of value : money can retain its value over the long term, this it can be used as a store of value

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