moneys primary role in the economy comes from the benefits of lowering transactions costs and allowing specialization.This function of money is called
A)store of value.
B)medium of exchange.
C)standard of deferred payment.
D)unit of account.

Question

Quizplus · Accepted Answer

The primary role of money in the economy is to act as a medium of exchange. Money simplifies transactions by reducing transaction costs and allowing individuals to specialize in their professions. It eases the process of buying and selling goods and services, enables economic transactions, and facilitates trade. Money also serves as a store of value, a unit of account, and a standard of deferred payment, but those are secondary roles.

Moneys Primary Role in the Economy Comes from the Benefits