The Three Important Functions of Money Are _____

question 6

Multiple Choice

The three important functions of money are _____.

• A)medium of exchange,facilitation of trade,and unit of account
• B)unit of account,facilitation of trade,and store of value
• C)store of value,facilitation of trade,and double coincidence of wants
• D)facilitation of trade,medium of exchange,and unit of account
• E)medium of exchange,unit of account,and store of value

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Definitions:

Determinant

A factor or variable that causes a change in an economic model or equation, influencing outcomes like price or quantity.

Frank Knight

An economist known for differentiating between risk (measurable uncertainty) and uncertainty (unmeasurable risk), significantly contributing to the field of economics.

Joseph Schumpeter

An Austrian political economist known for his theories on business cycles, economic development, and the concept of creative destruction.

Profit

The difference between total revenue and total cost.