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Banking

Banking& money

QuestionAnswer
4 Main functions of money 1. Store of wealth 2.Deferred payments 3.Unit of account 4.Medium of exchange
Medium of exchange If one person is selling their car, they can use this money to buy a house. This avoids the need for a double coincidence of wants and makes buying& selling much more flexible.
Unit of account This allows the value of goods to be compared on a common scale. If a haircut was worth €6 and a hat is worth €12, the hat is worth double the haircut.
Deferred payment This allows people to buy on credit. This couldnt be done in times of bartering as people didnt know their future needs. It has made trade more flexible and allows people to pay for more expensive goods like cars over a long period of time .
Store of wealth People are able to save wealth for future transactions. This couldnt be done before as many goods traded were perishable. It also enables people to borrow with the banking system.
Created by: 1801068583361003
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