Unit 3 personal finance functions of money

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  • functions of money
    • unit of account
      • place monetary value on goods
      • Price of goods show the unit of account
    • Means of exchange
      • allows trade
      • buy or sell goods
    • Store of value
      • Use in the future as I keeps value
      • people might have money saved in a bank acount
    • legal tender
      • legally recognised form of payment
      • money is widely seen and used for all sorts of payments


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