Banking& money
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| show | 1. Store of wealth
2.Deferred payments
3.Unit of account
4.Medium of exchange
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| Medium of exchange | show 🗑
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| show | 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.
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| show | 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 .
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| Store of wealth | show 🗑
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