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Description: A medium of exchange is an intermediary instrument or system used to facilitate the purchase and sale of goods and services between parties.

Real World Example: Money exchange in a different country.

Pro: Money enables anyone who possesses it to participate as an equal market player. When consumers use money to purchase an item or service, they are effectively making a bid in response to an asking price.

Con: If money as represented by a currency no longer viable as a medium of exchange, or if its monetary units can no longer be accurately valued, businesses and consumers lose their ability to plan.

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Description: An asset that maintains its value without depleting.

Real World Example: Currency

Pro: Stable currencies, such as the U.S. dollar, the Japanese yen, the Swiss franc, and the Singaporean dollar enhance their home economies greatly.

Con: What comprises a store of value can be markedly different among countries and cultures.

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Description: A unit of account is a measurement of value.

Real-world example: Financial Accounting

Pro: Money as a unit of account promotes economic efficiency and minimizes transaction costs.

Con: It's not stable in real value over time because money is generally not perfectly stable in real value during inflation and

deflation.

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Description: The amount of money an employer pays an employee for each hour of work

Real World Example: An employee's hourly rate is $15 and they worked 20 hours during a pay period, you would multiply $15 by 20 to get a total wage of $300 for their paycheck

Pro: Employee contribution is easy to measure based on time present on the job.

Con: Costs fluctuate each pay period if the schedule varies.

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Description: A fixed amount of money that an employer pays an employee for their work.

Real World Example: Teachers get a salary.

Pro: You'll simplify payroll and accounting by reducing fluctuations in pay.

Con: You can't adjust your costs when revenue fluctuates, such as during slow seasons.

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Description: Tips received directly from customers.

Real World Example: Servers get tips at restaurants.

Pro: Encourages better service.

Con: The amount can be little to no tips.

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Description: An independent contractor is a self-employed person or entity contracted to perform work or provide services to another entity as a non-employee.

Real-world example: A landscapper.

Pro:The pros of being an independent contractor generally relate to the greater freedom they enjoy

Con: Independent contractors are not employees, nor are they eligible for employee benefits.

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Description: A dividend is the distribution of corporate earnings to eligible shareholders.

Real World Example: People investing in Netflix then getting small profit for it later on.

Pro: A stock-investing fund pays dividends from the earnings received from the many stocks held in its portfolio or by selling a certain share of stocks and distributing capital gains.

Con: Companies may still make dividend payments even when they don’t make suitable profits to maintain their established track record of distributions.

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Description: a capital gain occurs when you sell an asset for more than what you originally paid for it.

Real-world Example: Buying lemons for $1.00 then selling them for $3.00.

Pro: Capital gains are generally associated with investments, such as stocks and funds due to their inherent price. They can also be realized on any security or possession that is sold for a price higher than the original purchase price such as a home, furniture, or vehicle.

Con: Paper gains and losses, reflect an increase or decrease in an investment's value but are not considered a capital gain that should be treated as a taxable event.

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Description: A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers.

Real World Example: Bitcoin

Pro: Cryptocurrencies make transferring funds directly between two parties easier without needing a trusted third party like a bank or a credit card company.

Con: Cryptocurrencies have become a popular tool with criminals for nefarious activities such as money laundering and illicit purchases.