Which are functions of money? Select the three correct answers.
store of value
producer of resources
unit of account
medium of exchange
record of finances
unit of output
The three correct functions of money are:
1. Medium of exchange: Money serves as a widely accepted means of exchanging goods and services. It facilitates transactions and simplifies the process of buying and selling.
2. Unit of account: Money provides a standard unit for measuring and comparing the value of goods and services. It allows for prices to be assigned and enables individuals to track costs and determine the relative worth of different items.
3. Store of value: Money acts as a store of wealth that can be saved, accumulated, and used in the future. It retains its value over time and can be easily exchanged for goods or services whenever needed.
The options "producer of resources," "record of finances," and "unit of output" are not generally considered functions of money.