List and Explain Three Functions of Money in a Market-Based

question 3

Essay

List and explain three functions of money in a market-based economy.

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Definitions:

Unenforceable

Refers to a contract or clause that, due to legal reasons, cannot be executed or enforced by law.

FOB

Free on Board; a contractual term indicating that the seller assumes responsibility for the goods until they are loaded onto a transport vessel.

Risk of Loss

The responsibility for damage or destruction to goods, typically determining who bears the cost when property is damaged during a transaction or transportation.

Total Loss

A situation in which property is so extensively damaged that repair is not reasonable and it's considered a complete write-off.