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Name and describe the essential functions of money.
Weegy: These are the 4 essential functions of money: Medium of Exchange: acts as a medium of exchange hence permits a time interval between buying and selling commodities; thus eliminates need for a ?double coincidence of wants? implied by bartering, [ as one can sell goods and services without simultaneously purchasing. (Most important) Store of Value: Able to perform function as Medium of Exchange because it retains value over time. (Though real value eroded at the rate of inflation the higher inflation gets, the worse it performs this function.) not perfect (infl) but has advantage that in princip: readily divisible. Standard of Deferred Payment: (closely related to Store of Value function) Loans and future payments are agreed and contracted in money terms, as money units are accepted as the means of settling future accounts. But money only adequate if prot. v. inflation so can be store of value. Unit of Account: the unit of account in which prices quoted and accounting records kept. Not essential could use other stable Numeraires but advantage of divisibility. Using 1 commodity as unit of account has efficiency gains with regard to transaction costs considerable reduction in number of independent exchange ratios needed compared to bartering: reduction in info needed for rational trading. ] (More)
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Expert Answered
Asked 7/3/2013 12:44:09 PM
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Define barter
Question
Not Answered
Updated 8/7/2013 10:23:46 PM
1 Answer/Comment
Barter - Exchange (goods or services) for other goods or services without using money

Added 8/7/2013 10:23:46 PM
What is commodity money? User: Define barter
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Not Answered
Updated 8/7/2013 10:25:31 PM
1 Answer/Comment
Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money.

[en.wikipedia.org/wiki/Commodity_money]
Added 8/7/2013 10:25:31 PM
What is fiat money?
Question
Updated 7/5/2013 9:35:40 PM
1 Answer/Comment

Fiat money
-is money that derives its value from government regulation or law. The term fiat currency is used when the fiat money is used as the main currency of the country. The term derives from the Latin fiat ("let it be done", "it shall be").

Added 7/5/2013 9:36:09 PM
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