unit 1.1 Flashcards
Money
1
Q
which of these important functions enables a person to work out whether they can rent 4 online streaming films for the same price as buying one physical DVD?
- A medium exchange
-A unit account
-A store value
A
A unit account
2
Q
What is a medium exchange ?
A
Exchanging money for goods and services
3
Q
What is a unit of account?
A
Price comparison
4
Q
What is a store value
A
Where you earn money from your service (work) and they choose to store it (save it) until you are required to loose it. However overtime the value of the money stored can decrease and inflation will increase. This could mean what you was saving your money to buy is no longer enough.
