"State University's tuition this year is $8,000." The statement "unit of account is the function of money" best demonstrates.
As a result, money has always been used as a reserve of value, an account unit and a medium of trade, despite the fact that it has existed throughout history in a variety of forms. Money that is not backed by nor represented by a physical good is known as fiat currency, which is used in modern economies.
Money fulfills three roles: it serves as a unit of account, a store of value, and a medium of exchange. an interchangeable medium. Acting as an exchange medium for transactions is the main function of money.
In his renowned book Money and the Mechanism of Exchange, William Stanley Jevons described money in terms of four uses (1875). These four roles are: a medium of exchange, a standard of value (or standard of deferred payment), a standard of value (or unit of account), and a store of value.
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