Description
Of the three functions of money, which one do you feel is most important to you and why? Of the three functions which one do you feel is most important to the U.S. economy and why? Finally, of the three functions, which one do you feel is most important for the global economy and why?
Do you feel a barter system would work for you personally, for the U.S. economy, or for the global economy?
Explanation & Answer
Attached.
Functions of money
In most cases money is delimitated following its three major functions that it provides.
Money serves out these three main functions;
1. Medium of exchange
2. Store of value
3. Unit of account
The most important function of money is being the medium of exchange. This is a actually the
most important function as without money as a medium of exchange, all the transactions will come to a
sudden stop. Through exchange of money we ...
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