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1 year ago

as a means of exchange in our economy makes it easier for people to make transactions with each other.

Business

1 answer:

Anettt [7]1 year ago

6 0

Money is a means of exchange in our economy makes it easier for people to make transactions with each other.

Money is a commonly accepted commodity as an economic medium of exchange. It is a medium that expresses prices and values. It circulates from person to person, from country to country, promotes trade, and is a major measure of wealth.

In summary, money has taken many forms over the centuries, but money has consistently performed three functions. It is a medium of value storage, a calculation unit, and exchange. The modern economy uses legal tender. This is neither a commodity nor the money represented or "backed" by the commodity.

Exchange medium. When economists say that money acts as a medium of exchange, they mean a currency unit used to measure and compare the relative value of commodities.

Learn more about Money here: brainly.com/question/329739

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2 years ago

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2 years ago

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The incomplete part of the question is "Using a cap-and-trade system of tradable emission allowances will eliminate half of the sulfur dioxide pollution at a cost of $1 million per year. If the permits are not tradable, what will be the cost of eliminating half of the pollution? If permits cannot be traded, then the cost of the pollution reduction will be $1 million per year." The full question is attched as picture as well

1) Tradable permit system

Then lower MAC firm will abate the all pollution units

Then as MAC1 = $250, MAC2 = $275

Firm 1 = Consolidated electric

Firm 2 = Commonwealth utility

Then 1 will sell all permits to 2, at a price between $250 & $275.

So total cost of abatement of 20 units = MAC1 * 20

= $250 * 20 Unit

= $5,000

2) Non-tradable permits

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= $2,500 + $2,750

= $5,250

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2 years ago