People Use Money as a Medium of Exchange When They

question 68

Multiple Choice

People use money as a medium of exchange when they:

• A) hold money to transfer purchasing power into the future.
• B) use money as a measure of economic transactions.
• C) use money to buy goods and services.
• D) hold money to gain power and esteem.

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Definitions:

Total Mechanization

The complete automation or use of machinery to perform all tasks in a process or system, eliminating the need for manual labor.

Automation

The total mechanization of a job.

Job Simplification

The process of breaking down jobs into their simplest components to improve efficiency and reduce complexity.

Highly Standardized

Pertains to products, processes, or systems that strictly adhere to established norms and specifications to ensure uniformity and consistency.