Thank you for visiting Robert needs to decide between buying a new home gym for 1800 or going on a Canadian vacation for 1 000 and still having enough. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!
Answer :
Answer:
Medium of Exchange and Standard unit of Account
Explanation:
When money is used to acquire some goods in exchange of money it is called that money is medium of exchange.
Standard unit of Account refers to the standard defined for such good/product or service.
Here, in the given case, with the medium of exchange being money Robert buys free weights and Canadian vacation.
Unit of account is $800 and $1,000 which is standard for these products and service.
Thus, final answer
Medium of Exchange and Standard unit of Account
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Rewritten by : Jeany
Answer:
The unit of account and medium of exchange functions of money are being used by Robert in making his decision.
Explanation:
Money serves a number of function, chief among them is medium of exchange, store of value, and unit of account. Here, Robert is using money to pay for a set of weights and a vacation. He is using money as a medium of exchange for these goods and services. So, money is serving as a medium of exchange.
Robert is also making a comparison between a new home gym and a set of weights and a vacation. Here, he is using the money to express the value of these goods and services. So, money here is serving as a unit of account.
