When you are using money to purchase a new MP3 player, money is serving as a:

Question

Quizplus · Accepted Answer

Money is functioning as a medium of exchange in this scenario because it is being used to buy a specific good (the MP3 player). A store of value refers to the ability of money to hold purchasing power over time, while a unit of account is a standard measurement for prices and values. Double coincidence of wants refers to the difficulty of trading goods or services when both parties must want what the other is offering.

When You Are Using Money to Purchase a New MP3