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4 cards from this section. Quick, good the night before a test.
What is a medium of exchange?
Think about how you buy goods.
Give an example of a store of value.
Consider what you can save for future use.
What does money primarily function as?
Think about how you use money in everyday purchases.
True or False: Money can only be used for immediate transactions.
Remember how people save money.
Evaluate the implications of a currency losing its function as a medium of exchange during an economic crisis.
Consider what happens if people opt to trade goods directly.
If inflation rises sharply, how would the store of value function of money be affected, and what alternatives could individuals consider?
Think about what items retain value during economic decline.
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