Define the Three Functions of Money

question 42

Essay

Define the three functions of money.

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Definitions:

Procedural Memory

A type of long-term memory that encompasses the unconscious knowledge of how to perform tasks and skills, such as riding a bicycle or typing.

Implicit Memory

A form of memory that enhances the performance of a task based on prior experiences, without the individual being consciously aware of these past experiences.

Implicit Memory

A form of memory that allows us to carry out activities without being consciously aware of past experiences.

Explicit Memory

The conscious recall of information, such as facts and events, which can be verbally communicated.