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. Store of value: Money serves as a way to store and preserve wealth. It can hold its value over time and can be saved for future use.
2. Unit of account: Money is used as a standard unit of measurement to assign and compare the value of goods, services, and resources. It provides a common way to express prices, wages, and financial transactions.
3. Medium of exchange: Money is accepted as a widely recognized and accepted form of payment for goods, services, and debts. It facilitates transactions by providing a means of exchange that is generally accepted by others.