Filice_A_PSY_MOney_6

Filice_A_PSY_MOney_6 - you buy a candy bar or a soda, you...

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Anthony Filice October 21, 2011 XECO 212 Yvonne Shivers CheckPoint: Money Money as a unit of account is a standard monetary unit to measure cost or value of goods and services. A medium of exchange is the normal way to think of money, you go to the store and give money as a trade for an item. Store of value is like saving money, money never goes bad and if you have a large sum of money it is still good when you need it. One way that I have used money as a unit of account is when pricing the feeder rats that I breed for pet snakes, I put a dollar amount to the different sizes and weights of the rats. I use money every day as a medium of exchange, as does every other person I know, if
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Unformatted text preview: you buy a candy bar or a soda, you are using money as a medium of exchange. My savings account is a store of value, keeping my cash for a rainy day. You can even combine two different uses of money, an example would be investing in gold, which is a substance that has a unit of account that rises over time, when you buy gold as an investment it is used as a store of value that does not lose money like stocks can. Another way to use both at the same time is the simple act of buying gold as an investment, you are buying gold which has a unit of account, purchasing gold is using money as a medium of exchange, which in all reality, is using money in all three ways....
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