What Does It Mean When We Say That Money Functions

question 188

Essay

What does it mean when we say that money functions as a medium of exchange, as a store of value, and as a unit of account?

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Definitions:

Goodwill

A business’s reputation and ongoing relations with customers and product identification.

Enforceable

Capable of being imposed or complied with; in legal context, describes a contract or provision that can be legally executed or acted upon.

Void Contract

A contract that lacks legal validity and enforceability from the outset, meaning it has no legal effect and cannot be enforced by either party.

Infant

A very young child, especially one newly or recently born.