All categories

3 years ago

Question 1

Business

1 answer:

Svetach [21]3 years ago

5 0

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

You might be interested in

According to the article, why might employers want to ensure that they have cause when terminating an employee?

lara [203]

Reasons to terminate an employee is because of sexual harrasment, Drug or alchohol use, damaging company property, or unethical behaviour and service.

6 0

3 years ago

PLEASE HELP Question 21(Multiple Choice Worth 5 points) (04.09 LC) A paid position with specific duties, tasks, and responsibili

VikaD [51]

Answer:

Job

Explanation:

A job is any regular and legal activity that one does to earn money. A job is a responsibility, position, or role assigned to a worker/ employee. Each job has a job description which details what duties the employer expects the employees to perform.

A job refers to employment, either full-time or part-time. It is also a piece of work to be performed.

5 0

3 years ago

Toni and beyonze are married and file jointly. during 2016, they paid tuition for their daughter's college in the amount of $23,

azamat

I think it's B

I hope it helped you!

5 0

3 years ago

You notice that when a new yoga class is offered at the student recreation center at a highly desirable time, some students from

blsea [12.9K]

You notice that when a new yoga class is offered at the student recreation center at a highly desirable time, some students from the other yoga classes go to the new class instead. This statement best represents this economic concept people usually exploit opportunities to make themselves better off.

Recreation includes all of the pursuits people make for the purpose of renewing their bodies and brains and adding interest and enjoyment to their free time. Exercises like walking, swimming, meditating, reading, playing games, and dancing are examples of leisure activities.

At its most fundamental level, economics aims to explain how and why we choose the products we do. Scarcity, supply and demand, costs and benefits, and incentives are four fundamental economic ideas that can be used to explain a variety of human decisions.

Learn more about economic concepts here

brainly.com/question/27569024

#SPJ4

8 0

2 years ago

When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled, consumer exp

faust18 [17]

Answer:

The correct answer is: No, this situation is impossible.

Explanation:

To begin with, in the reality the situation with the demand curve is all the opposite. The law of demand establishes that there is an indirect relationship between the price of a product and its quantity demanded in the market, therefore that when the price of a good increases then its quantity demanded decreases. And it is by logic as well, because no one will buy more of something if the products is more expensive than it was before. Therefore that the situation in the text is impossible and it could only be opposite.

7 0

4 years ago