Functions of money

In this video we ask what functions money has in a modern economy. Primarily, it is used as a medium of exchange, allowing us to buy and sell goods and services from each other. But it is also a store of value, meaning it should still be worth something at a given time in the future. It acts as a unit of account, which allows us to compare the relative value of different goods and services with each other. Finally, as a standard of deferred payment, so that we can make transactions and then complete payment for them at an agreed point in the future.
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