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Explain the medium of exchange

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Reference no: EM133065627

a. What's bad about not having a store of value?

  • You cannot save for a large purchase in the future.
  • You have no place to buy values.
  • Your values decline.
  • Prices fall.

b. What's bad about not having a medium of exchange? 

  • Prices rise.
  • Nobody knows what anything is worth.
  • People are always exchanging too much or too little, never a medium amount.
  • To trade, you must find someone who wants exactly what you have, and has exactly what you want.

c. What's bad about not having a unit of account?

  • To trade, you must find someone who wants exactly what you have, and has exactly what you want.
  • Accountants are unemployed.
  • Nobody knows what anything is worth.
  • Money can't be backed by gold.

Reference no: EM133065627

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