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When economists say that money is a store of value does it mean that money can be used to measure the value of other commodities?
Money has three functions, being a: 1) store of value; 2) unit of account; 3) medium of exchange. The first, a store of value, implies that money maintains and stores its value over time - unlike many other mediums of exchange, which can depreciate. Money is intended to be storeable, retrievable, and reuseable as a medium of exchange itself. Therefore, being a store of value does not mean that money can be used to measure the value of other commodities - that is its third function, medium of exchange.
What else can I help you with?
What is barter system?
In a barter system commodities are exchanged with commodities without the use of money. But in such a system two parties are required who are ready to buy and sell each other’s commodities. It is a primitive system.
What is the difference between money and and Commodity?
Well, darling, money is the cold hard cash we use to buy stuff, while a commodity is a raw material or primary agricultural product that can be bought and sold. In simpler terms, money is what you use to pay for your avocado toast, while a commodity is the avocado itself. So, remember, one buys your brunch, the other is the brunch itself.
Which of these agencies regulates commodity exchanges and trading in agricultural metal and other commodities?
commodities futures trading commission
What does GDP tell economists about business cycles?
economists follow the country's GDP and other key statistics to predict business cycles.
Why do economists do assumptions?
To mimic the methods employed by other scientests.
Who said A standard of value is any commodity by means of which people measure and express the value of other commodities?
This is from the book "Money And Banking" by William A. Scott
What is an Exchange of commodities for money or other commodities?
just that; an exchange. Maybe a sale? its called a trade
What is barter system?
In a barter system commodities are exchanged with commodities without the use of money. But in such a system two parties are required who are ready to buy and sell each other’s commodities. It is a primitive system.
How did Karl Marx define commodities?
In Marx's time, he saw the wealth of the bourgeois society as having an over abundance of commodities. He explained, however, that every commodity has two forms. One is "use value" and the other is "exchange value". He then travels to how English economists defined commodities, which at the time were simply "any thing necessary, useful or pleasant in life".He follows this up with how his two definitions of a commodity are the basis of bourgeois wealth (unearned wealth).
Why did some ancient Greek settlements trade?
To exchange their surplus commodities for other commodities they needed. To make a financial profit from trading commodities and services.
Difference between money and other commodities?
Money:-A value that serves as a generally accepted medium of exchange. Money have indirect utility. Money cannot be pinpointed or specified.Commodity:-A reasonable homogeneous good or material that can bought and sold freely. The commodity have direct utility. The commodity can be pinpointed or specified.
What is the difference between money and and Commodity?
Well, darling, money is the cold hard cash we use to buy stuff, while a commodity is a raw material or primary agricultural product that can be bought and sold. In simpler terms, money is what you use to pay for your avocado toast, while a commodity is the avocado itself. So, remember, one buys your brunch, the other is the brunch itself.
Which of these agencies regulates commodity exchanges and trading in agricultural metal and other commodities?
commodities futures trading commission
Why did some Greek settlements trade?
To exchange their surplus commodities for other commodities they needed. To make a financial profit from trading commodities and services.
What is the Commodity Credit Corporation authorized to do?
to support prices of agricultural commodities through loans, purchases, payments, and other operations; support production and marketing of agricultural commodities; procure agricultural commodities for sale to other government agencies
What does GDP tell economists about business cycles?
economists follow the country's GDP and other key statistics to predict business cycles.
Why do economists do assumptions?
To mimic the methods employed by other scientests.
