Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Question

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Answer 1

Question

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

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Answer 2

Question

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

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Answer 3

Question

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

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Answer 4

Question

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

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Answer 5

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

Answer 6

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

Answer 7

Chapter 23, Problem 1CYU

To determine

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Answer 8

Expert Solution & Answer

Explanation of Solution

Money has three basic characteristics that should be present to act as money in the market namely medium of exchange, unit of account and store of value. The gift certificated cannot be regarded as money as it can be used in limited stores for limited time period.

Medium of exchange criteria can be fulfilled by holding gift certificated for limited time period at some stores. The value of store is not present as it cannot be used after certain time duration. Also, if gift card is of $200 value and purchased made is of only $150 then $50 cannot be used further. This signifies that gift certificate is not a money instead it is voucher used for sales promotion.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Money: Money is the medium of exchange through which goods and services can be traded. It can perform three main functions i.e. medium of exchange, store of value and unit of account.

Answer 12

Ch. 23 - Prob. 1CYU Ch. 23 - Prob. 2CYU Ch. 23 - Prob. 3CYU Ch. 23 - Prob. 1MCQ Ch. 23 - Prob. 2MCQ Ch. 23 - Prob. 3MCQ Ch. 23 - Prob. 4MCQ Ch. 23 - Prob. 5MCQ Ch. 23 - Prob. 6MCQ Ch. 23 - Prob. 7MCQ

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Whether the gift certificated can be regarded as money which can be used in some stores to buy products.

Explanation of Solution

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Chapter 23 Solutions