{ "@context": "https://schema.org", "@type": "Organization", "name": "Brainscape", "url": "https://www.brainscape.com/", "logo": "https://www.brainscape.com/pks/images/cms/public-views/shared/Brainscape-logo-c4e172b280b4616f7fda.svg", "sameAs": [ "https://www.facebook.com/Brainscape", "https://x.com/brainscape", "https://www.linkedin.com/company/brainscape", "https://www.instagram.com/brainscape/", "https://www.tiktok.com/@brainscapeu", "https://www.pinterest.com/brainscape/", "https://www.youtube.com/@BrainscapeNY" ], "contactPoint": { "@type": "ContactPoint", "telephone": "(929) 334-4005", "contactType": "customer service", "availableLanguage": ["English"] }, "founder": { "@type": "Person", "name": "Andrew Cohen" }, "description": "Brainscape’s spaced repetition system is proven to DOUBLE learning results! Find, make, and study flashcards online or in our mobile app. Serious learners only.", "address": { "@type": "PostalAddress", "streetAddress": "159 W 25th St, Ste 517", "addressLocality": "New York", "addressRegion": "NY", "postalCode": "10001", "addressCountry": "USA" } }

Functions of money Flashcards

(6 cards)

1
Q

Functions of money

A

What money is, how and why its used.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are the four functions of money?

A
  • Unit of account
  • Means of exchange
  • Store of value
  • Legal tender
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Unit of accounts definition?

A

Money can be used to place a value on goods and services. You exchange money for an equivalent valued good or service.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Means of exchange definition?

A

Money is used to sell, buy or trade goods and services, makes it simple, EXAMPLE: 100 apples for one phone.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Store of value definition?

A

Money has a value, that value can be stored, and used in the future, unlike an apple to would go bad, therefor loosing its value.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Legal tender definition?

A

Money is the legal means to pay for good and services. Its the legal national currency of a country and official method of payment.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly