Nicholas Is Saving Money Received Daily from His Parents as Pocket

question 45

Multiple Choice

Nicholas is saving money received daily from his parents as pocket money in order to purchase a new bicycle. His saving represents using money as

• A)a store of value.
• B)a unit of account.
• C)a medium of exchange.
• D)None of the above

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Definitions:

Competitive Industry

A market sector characterized by many firms competing against each other for customers, leading to innovation and lower prices.

Market Demand

The total quantity of a particular good or service that all consumers in a market are willing and able to purchase at various prices.

Competitive Industry

An industry environment where numerous competitors offer similar products or services, resulting in the need for businesses to vie for market share and customer attention.

Homogenous Product

Goods that are identical in quality and cannot be distinguished from one another by consumers.