Money Is

question 137

Multiple Choice

Money is:

• A) the set of all assets that are regularly used to directly purchase goods and services.
• B) represented only by the amount of dollars and coins in our economy.
• C) controlled by the supply and demand of goods and services on which our money is spent.
• D) anything that we use to buy goods and services as long as it is not a good itself.

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Definitions:

Good Faith

A legal principle that emphasizes honesty, fairness, and integrity in the fulfillment of contractual and legal obligations.

Sale of Goods

A transaction involving the transfer of ownership of tangible personal property from a seller to a buyer for a price.

Tangible Personal Property

Physical items that can be owned and have value, such as furniture, jewelry, and vehicles.

Consideration

Something of value exchanged between parties in a contract that induces them to enter into the agreement.