Question

Four factors of money

Answer 1

[AI-generated answer — Bot GPT 3.5]

1. Store of value: Money can be saved and stored for future use, allowing individuals to maintain their wealth over time.

2. Medium of exchange: Money serves as a widely accepted means of payment for goods and services, facilitating trade and economic transactions.

3. Unit of account: Money provides a common measure of value, allowing prices to be easily compared and enabling individuals to assess the worth of different goods and services.

4. Standard of deferred payment: Money can be used to settle debts and obligations in the future, providing a reliable and stable means of repayment.