Question

When Kris writes prices on the tags for his candy cane striped scarves, money is functioning...

When Kris writes prices on the tags for his candy cane striped scarves, money is functioning as

1)

 a medium of exchange.

2)

 a unit of account.

3)

 a store of value.

4)

 money has nothing to do with pricing.
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Homework Answers

Answer #1

Money has basically three main functions that are

Store of value

Medium of exchange and

Unit of account

Store of value means money can be stored now and can be used in future purposes

For example deposit in the bank

Medium of exchange means it can be used for transaction like buying t-shirt from mall

Unit of account means it can be standardarised in some monetary unit say in dollars.

So here in the given statement since Kris writes the prices and tags so here the money is expressed in terms of any monetary unit as price tags

Hence it is acting as unit of account

Answer is option 2

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