https://padlet.com/gilliummanns/tymj9b9cfer6 GNED 1140, Introduction to Economics, Assignment 2 by Gillium Manns en-us 2019-12-04 02:34:22 UTC 2025-10-08 15:06:40 UTC hello@padlet.com https://padlet.net/icons/png/1f4b2.png gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419441481 Functions of money refers to the different uses that money can be used for within society. These range a medium for exchange, a unit of account, or as a store of value. This presentation aims to gather sources that provide a more in-depth look into these different functions of money. ]]> 2019-12-04 03:08:15 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419441481 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419448261 This article summarizes the three functions of money; Medium of Exchange, Store of Value, and Unit of Account. This article was picked to give a starting summary about the functions of money, and help show how they are all related to each other. ]]> 2019-12-04 03:37:25 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419448261 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419449367 This article focuses on money as a Medium of Exchange, as well as other currencies. This article was picked to provide more in-depth information on what a medium of exchange is, what function it serves in the economy, and how it works. ]]> 2019-12-04 03:43:08 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419449367 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419450345 This article focuses on defining Store of Value in terms of money. It talks about how a fiat currency can act as a store of value, whether it dollars or bitcoins.]]> 2019-12-04 03:48:13 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419450345 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419452661 This article focuses on the definition of a Unit of Account, which is the function of money that allows it to assign a value to a property, good, or service. A property of a unit of account is that it allows for mathematical operations to be performed on the value of items. This article was chosen to provide further information about what a unit of account is and how it applies to everyday life. ]]> 2019-12-04 04:02:20 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419452661 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419458834 http://www.yourarticlelibrary.com/economics/money/primary-and-secondary-functions-of-money/30307

This picture organizes and identifies the main functions of money and orders them in a hierarchy. ]]> 2019-12-04 04:41:00 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419458834 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419465115 This video quickly and simply summarizes the three main functions of money and shows an example in the form of the Clifford Dollars he uses for his class. 

]]> 2019-12-04 05:23:40 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419465115 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419466227 This video mentions all the functions of money but provides really good examples and explanations for Medium of Exchange in particular. ]]> 2019-12-04 05:31:46 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419466227 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419466801 This video talks about how money functions as a Store of value and presents it in a flow chart which is easy to understand. It also mentions that while money can act as a store of value, money itself has no intrinsic value. ]]> 2019-12-04 05:35:25 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419466801 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419475332 https://finance.yahoo.com/news/bitcoin-track-replace-gold-dominant-233758881.html

This is a picture of a dollar and a bitcoin.
This picture was chosen because both items can be used as a store of value.]]> 2019-12-04 06:29:29 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419475332 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419477660 This video provides examples and details about how Bitcoin can function as a Store of Value. This video was chosen to highlight that dollars and government issued currencies aren't the only forms of money that can perform the functions of money. ]]> 2019-12-04 06:38:19 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419477660 gilliummanns https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419770659 I learned a lot about how different forms of money can act as a store of value, including bitcoins and dollars. By having bitcoins with a perceived value that you can save to use whenever you want, they can act as a store of value. 

Functions of money are incredibly important for modern society in order to facilitate easy trade of goods and services between different people that doesn't use the barter system. Money acts as a convenient medium of exchange, a unit of account for defining calculatable values, and a store of value, all of which allow for a modern economy.

The most important thing that I would inform a family member about would be that while money does act as a store of value, but over time inflation will cause the money to lose it's value, so having another method to store value over time would be prudent as a safety measure. ]]> 2019-12-04 17:10:00 UTC https://padlet.com/gilliummanns/tymj9b9cfer6/wish/419770659