xeco212 week 6 due day 5

xeco212 week 6 due day 5 - ability to purchase other assets...

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Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as a medium of exchange, a unit of account, a store of value, and occasionally a standard of deferred payment. A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system. A store of value is defined as follows, a recognized form of exchange can be a form of money or currency, a commodity like gold, or financial capital, to act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved. A store of value can also be defined as, an asset such as money or gold that is purchased or accepted as payment for goods and services for its
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Unformatted text preview: ability to purchase other assets in the future without rapidly losing is purchasing power. A unit of account is a standard monetary unit of measurement of the market value or cost of goods and services or assets, it is one of three well known functions of money. It lends meaning to profits, losses, liability, or assets. I use money for everything. Money is an asset to any community. I have a savings account that I save my money in and it collects interest every 6 months. Money makes the world go round, without money you would not be able to purchase the necessities. There are different types of currency you can use such as a credit or debit card, a check, or even cash. Being that we are in the technology age most people use credit or debit cards where I use cash it is easier for me....
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