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Oduvanchick [21]
3 years ago
14

Jake wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacati

on is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Jake buys the computer and writes a check for $1,299.
Identify what role money plays in each of the following parts of the story.
1. Jake can easily determine that the price of the computer is more than the price of the vacation.
2. Jake has $1,574 in his checking account.
3. Jake writes a check for $1,299.
Business
1 answer:
In-s [12.5K]3 years ago
5 0

Answer:

1. Jake can easily determine that the price of the computer is more than the price of the vacation.  ⇒ UNIT OF ACCOUNT

2. Jake has $1,574 in his checking account.  ⇒ STORE OF VALUE

3. Jake writes a check for $1,299. ⇒ MEDIUM OF EXCHANGE

Explanation:

The four functions of money are:

  1. unit of account: since money is a common denominator, it helps to assign value to different goods and services.
  2. store of value: you can save money in order to purchase gods and services in the future.
  3. medium of exchange: you can purchase and sell goods and services using. money
  4. standard of deferred payment: money allows loans that require future payments of both principal and interest.

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A buyer and seller enter into a written contract for the sale of a four-bedroom home. If either party defaults under the contrac
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3 years ago
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8 0
3 years ago
Read 2 more answers
Suppose that real GDP per capita of the United States is $32,000 and its growth rate is 2% per year and that real GDP per capita
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<u>Given:</u>

Real GDP of US = 32000

Growth rate of US = 2%

Real GDP of China = 4000

Growth rate of China = 7%

<u>To find:</u>

Number of years taken for China's real GDP per capita to be larger than real GDP per capita in the United States.

<u>Solution:</u>

The formula to calculate the years is,

GDP_{US}\times[1+growth_{US}]^n

On plugging-in the values,

\Rightarrow32000\times(1+0.02)^n

On solving the values we get,

\Rightarrow8

Therefore, we can clearly identify that number of years is greater than 40 and less than 45.

8 0
3 years ago
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