1. The roles of money Tim wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Tim buys the computer and writes a check for $1,299. Identify what role money plays in each of the following parts of the story. Hint: Select each role only once. Unit of Medium of Store of Role of Money Exchange Value Account Tim can easily determine that the price of the computer is more than the price of the vacation. Tim has $1,574 in his checking account. Tim writes a check for $1,299.
1. The roles of money Tim wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Tim buys the computer and writes a check for $1,299. Identify what role money plays in each of the following parts of the story. Hint: Select each role only once. Unit of Medium of Store of Role of Money Exchange Value Account Tim can easily determine that the price of the computer is more than the price of the vacation. Tim has $1,574 in his checking account. Tim writes a check for $1,299.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:1. The roles of money
Tim wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at
$800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Tim buys the computer and writes a
check for $1,299.
Identify what role money plays in each of the following parts of the story.
Hint: Select each role only once.
Unit of
Medium of
Store of
Role of Money
Exchange
Value
Account
Tim can easily determine that the price of the computer is more than the price of the
vacation.
Tim has $1,574 in his checking account.
Tim writes a check for $1,299.
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