The definition of Money and economist’s perpective of money.

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Answer 1

Question

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

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Answer 2

Question

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

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Answer 3

Question

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

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Answer 4

Question

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

Answer 6

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.

Answer 7

Chapter 7, Problem 1RQ

To determine

To explain: The definition of Money and economist’s perpective of money.

Answer 8

Expert Solution & Answer

Explanation of Solution

Money refers to anything that is widely used or accepted by the people as a medium of exchange. However, in the modern era, the money could be plastic money, paper money, coins, etc. Moreover, the existence of money made trade easier as compared to the barter system.

The economist uses the term “money” in a more specific term. The set of asset that is used in the economy to buy and sell the goods and services from other people. Moreover, the economist gives stress on its three functions, for instance, a unit of account, store of value, and medium of exchange.