The Functions of Money Assignment

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Liberty University *

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214

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Economics

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Jan 9, 2024

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The Functions of Money Assignment John Lytle Liberty University ECON214: Principles of Macroeconomics Professor James Ibe November 20, 2023

The Functions of Money Assignment The three main functions of money include being a medium of exchange, a unit of account, and a store of value. Money is used as a medium of exchange that allows buyers and sellers to complete transactions more effectively, a unit of account for both prices and recording debts and a store value that gives people the ability to hold it in the present and use it the way they want in the future (N. Gregory Mankiw, 2023). Money has evolved throughout history, starting from a bartering system where people would exchange goods and services directly to cryptocurrencies. Cryptocurrencies are a form of digital currency created by individuals and groups that gain and lose value as demand rises and falls. Despite how much good money has done for humanity, there is a danger that comes with it. In a study conducted by The National Council on Problem Gambling, in the U.S. alone, over 2 million people have a severe gambling addiction, and over 4 million have a mild to moderate addiction (National Council on Problem Gambling, 2014). The Bible warns in 1 Timothy 6:10 that the love of money is the root of all evil. Money is a powerful tool that can make life easier than without it while also being a danger that can lead to self-destruction.

References FAQ . (2014). National Council on Problem Gambling. https://www.ncpgambling.org/help-treatment/faq/ N. Gregory Mankiw. (2023). Principles of Macroeconomics . Cengage Learning.

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The Functions of Money Assignment

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