1. CheckPoint: Money (due Friday through the Assignments Link) • Submit a 250- to 300-word response addressing the following points: o Money acts as a unit of account, medium of exchange, or a store of value. Describe each of these different functions. o Provide an example of your use of money in each of these different functions. Medium of exchange is used for the transfer of goods from a seller to a consumer. When a person wants to purchase an item from a store they use money to purchase that good. Because money or currency is accepted in our society as value it is used to purchase goods. Although money is simply metal or paper it’s what it represents that gives it its value. Throughout history there have been many items that represented value that were traded for goods. In present society the government backs the value of currency in order to have a structured economy. When it comes to a unit of account, money is measured in order to show prices and track debts. If there is an item that costs $10 and another items that costs $1 it can be said the first item is ten
This is the end of the preview.
access the rest of the document.