MINDTAP Homework (Ch 16) Due on Nov 16 1199 PM EST Attempts Keep the Highest: /1

Question

MINDTAP Homework (Ch 16) Due on Nov 16 1199 PM EST Attempts Keep the Highest: /1 Charles wants to purchase a new computer and $750. He has only $1,537 in his checking check for $1,299 go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at paccount, so he cannot afford to purchase both. After much thought, Charles buys the computer and writes a Identify what role money plays in each of the following parts of the story Unit ofStore of Account Medium of Value Charles has $1,537 in his checking Charles can easily determine that the price of the computer is more than the price of Type here to search

Explanation / Answer

1. Charles has $1537 in his checking account. Store of value. The value of money remains the same over a period of time.

2. Charles writes a check for $1299. Medium of exchange. Goods or services can be purchased. Here, computer is purchased in exchange for the check of $1299.

3. Charles can easily determine the price of computer is more than the price of vacation. Unit of account. Money is a common measure for comparing prices of goods.

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