The Functions of Money by Nicholas Wood

Picture 1 : Money

nicholaswood07 — 2025-04-10 15:42:41 UTC

I chose this picture because it reminds me of our earlier project this year, where we had to think about the words associated with the main concept. I hope this pictures help the viewer think independently the functions of money but also everything associated with money outside the academic definitions.

Picture 2: Functions

nicholaswood07 — 2025-04-10 15:46:51 UTC

I chose this picture because it breaks down the functions of money in its 3 sections very well visually. It helps the viewer differentiate between primary, Secondary, Contingent categories easily.

Video 1: Functions of Money

nicholaswood07 — 2025-04-10 15:48:27 UTC

This video breaks down the primary functions of money and how it is intertwined in today's world. The primary example that is used is a lawyer wanting to buy chairs from a a craftsmen and how a double coincidence of wants are needed in a barter system but money makes it possible if that is not the case.

I chose this video for a couple reasons. The first is that is it short and too the point of what the functions of money is. But also it takes the time to related to the viewer why as a society we went from a barter system to a money system.

Video 2: Functions of money ( How to use it )

nicholaswood07 — 2025-04-10 15:49:19 UTC

This video is about investing money and the different personal functions it can have. Its highlights more about investments within BMO and why you invent in them and the differences between them.

I chose this video because it breaks down the function of money but from a different viewpoint but also ties in advice I got from the financial advisor that you brought in, but with BMO. Yes, as a society the view point is clear on what money is used for. But as a personal view point what money can be used can be seen quite differently. This helps the viewer understand what money can do for you and the functions it can do.

Video 3: Functions of Money ( Said differently )

nicholaswood07 — 2025-04-10 15:50:06 UTC

his video provides an overview of the key definitions and roles of money in the economy. It explains that money, specifically M1, is the only asset universally accepted as a means of payment for goods and services. The discussion covers its three primary functions: serving as a medium of exchange, a store of value, and a unit of account. Designed for first-year college students or AP/IB Economics learners, this video focuses on fundamental economic principles.

I chose this video because it explains the functions of money differently than the previous video. I find this important because it may click better for someone else and help them understand this topic further.

Video 4: Functions of Money (In depth)

nicholaswood07 — 2025-04-10 15:50:58 UTC

This video goes in depth on the functions of money. It starts by exploring the concept of what it money then further breaks down its functions and its importance. Similar to other videos but is much larger in length and more in depth.

I chose this video because it fully breaks down this topic in depth. It is a longer video, but does a great job at helping the viewer understand this topic.

Introduction

nicholaswood07 — 2025-04-10 16:01:05 UTC

Welcome Everyone to my Padlet!

The following will take you on an adventure to find out the functions of money. Some examples with be simple, whereas other examples go more in depth. Also on top of figuring out the functions of money, also there are parts of the pallet that teaches you on what to do with money.

Thank you again for visiting and I hope you enjoy.

Website 1: Functions of Money

nicholaswood07 — 2025-04-10 16:02:20 UTC

This video is about how money is a system of value that facilitates the exchange of goods and services in an economy. It eliminates the inefficiencies of bartering by serving as a medium of exchange, a store of value, and a unit of account.

I chose this website for a couple reasons. It breaks down the functions of money but also explores different avenues like what is money, the importance of durability, and portability of money. Also this website ties in how the market may affect the function and value of money which was insightful.

Website 2: Function of Money (How to use it)

nicholaswood07 — 2025-04-10 16:03:47 UTC

This video is about how money is a powerful tool that can help individuals achieve financial stability and personal goals. Some important waus to use money effectively include creating a budget to track spending, investing wisely to grow wealth, paying off debt to reduce debt, and building an emergency fund for unexpected expenses.

I chose this website because it changed the view point on the function of money from being a societal view to a personal. This website may also give the viewer other insights on how to use money as a tool that they may not otherwise be aware of.

Website 3: Functions of Money ( Said Differently )

nicholaswood07 — 2025-04-10 16:06:24 UTC

I chose this website because it highlights how money plays a crucial role in the economy by serving four main functions: medium of exchange, standard of deferred payment, store of wealth, and measure of value. Also, this websites touches on how money eliminates the inefficiencies of barter systems, allowing for seamless transactions.

I chose this video because it's another great view point on why we have money and the importance of its functions when relating to the previous barter system that was in place.

Website 4: Functions of Money (In Depth)

nicholaswood07 — 2025-04-10 16:07:43 UTC

This website/document explores the meaning, forms, and functions of money. It helps the reader define money as anything generally accepted in exchange for goods and services or in repayment of debts. Also this document mentions how several economists provide functional definitions, emphasizing its role as a unit of account, a means of payment, and a store of value.

I chose this website because it goes more in depth on functions of money and what money is. This is similar to the video but for those who prefer to read over listen.

Reflective Questions

nicholaswood07 — 2025-04-10 16:55:09 UTC

What did you learn about the topic that surprised you the most.

I learned a lot of about the functions of money how the functions change depending on the viewpoint, either it being societal vs personal. Noting, it was surprising to know that a lot of websites place a stores value on money and how much is has vs how that store is contributing to society.

Provide a real life example on how this topic is relevant and interesting to you.

A great real life example that is relevant to this topic is the functions of money from a personal viewpoint. growing up, all I knew about money is that is was good to have it sucked when you didn't have it. Furthering this thought understanding how to use money, and its functions has helped me have a better grasp on finical stability.

If you can pass on your knowledge to a friend or family, what would be the most important thing to pass on.

My advice that I would give would be: Don't put all your eggs in one basket. Referring to do not collect (cash) in your bedroom but diversify. Understand the functions of money helps you realize that (cash) is just a medium to display value and that the moment society decides to change the medium is the moment you are going to wish that diversifying is very important.