Doug is saving money in order to purchase a new snowboard next winter. This represents using money as

Question

Quizplus · Accepted Answer

Saving money represents using money as a store of value, as Doug is setting aside funds in order to purchase a snowboard in the future. A medium of deferred payment is when a payment is made at a later date, such as purchasing something on credit. Barter is a direct exchange of goods or services without the use of money. A medium of exchange refers to using money to buy goods and services. A unit of account refers to using money as a standard measure of value.

Doug Is Saving Money in Order to Purchase a New