Exchange of_____ resources, and/or______

Svetach [21]

1. An example of bartering is Sarah trades her apple for Ava's bag of chips.

2. Gold has historically functioned as money because it is a medium of exchange.

3. In the hypothetical economy, rice is said to be a commodity money.

4. When Pudding cups serve as a unit of account, it means that the price of other lunch items is expressed in quantities of pudding cups.

5. The difference between the U.S. dollar, and a U.S. gold certificate is a U.S. dollar does not have value in addition to its value as money.

Trade by barter is when people exchange goods with goods. Money is not used in a trade by barter. Trade by barter was used before the invention of money. For example, a trade by barter occurs when Sarah trades her apple for Ava's bag of chips.

Commodity money is money for which its value comes from the commodity from which it is made.

Fiat money is currency whose value is not backed up by any asset. Representative money is money whose value is backed up an asset.

Money can be described as something that is accepted as a means of payments for products.

Functions of money

1. Medium of exchange: money serves as a medium of exchange when it is accepted as payment for goods and services. For example, 2 ounces of gold is accepted as means of payment for a dress.

2. Unit of account: money can be used to determine the value goods and services, For example, 2 cups of puddings is equivalent to plate of fruits.

3. Store of value: money can retain its value over the long term, this it can be used as a store of value.

To learn more about money, please check: brainly.com/question/14816216?referrer=searchResults

5 0

2 years ago

James Turbyfil purchased 100 shares of IBM for $72. James also paid $55 commission. What was the total purchase price for this t

alexgriva [62]

Answer:

$7,255

Explanation:

The computation of the total purchase price is shown below:

= Number of shares purchased × par value per share + commission paid

= 100 shares × $72 + $55

= $7,200 + $55

= $7,255

The Number of shares purchased × par value per share is also known as total purchase value

We simply calculate the total purchase value and then added the commission paid so that the accurate value can come

5 0

2 years ago

Larger vehicles tend to have longer stopping distances than other vehicles because ____

kondaur [170]

Larger vehicles tend to have longer stopping distances than other vehicles because they weigh more. Vehicles that way more take more time to slow down when traveling at the same speed as a vehicle that weighs less. For this reason, they take more time to slow down and need a larger stopping distance.

3 0

2 years ago

Which of the following has the largest impact on opportunity cost?

Mrrafil [7]

Consumer wants because the want of people are very greedy and needs to be decreased but it’s not so it’s at its largest

6 0

2 years ago

Read 2 more answers

Flint Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2017, to expand its production capac

ddd [48]

Answer:

Please see the answers below:

Explanation:

1.

Debit: Equipment $912,000

Credit: Notes Payable $912,000

To record purchase of equipment at zero interest bearing note Central Michigan.

2.

Debit: Notes Payable $182,400

Debit: Interest Payable $20,064

Credit: Cash $202,464

To record Cash Payment of 1st year Installment and Interest.

3.

Debit: Notes Payable $182,400

Debit: Interest Payable $20,064

Credit: Cash $202,464

To record Cash Payment of 2nd year Installment and Interest.

4.

Debit: Depreciation Expense $91,200

Credit: Accumulated Depreciation $91,200

To record Depreciation Expense on Equipment over the life of 10 years with no salvage value. (Straight Line Depreciation is employed).

6 0

2 years ago

Exchange of_____resources, and/or_______​

Exchange of_resources, and/or___