Xco 212 Week 6 Research Paper
Week 6 Checkpoint
Mark Holzhauser
XECO 212
2/22/2012
Nicholas Kuzmich
Money as a unit of account serves as a way of comparison that we use to present prices and debts. A great example is a restaurant charges $5.00 for a hamburger and $20.00 for a steak. Using money makes it easy to compare the two items. We can clearly tell that the steak costs more than the hamburger. It would be much more difficult to compare if a hamburger costs 10 apples and a steak costs 25 bananas. Money is used as a medium of exchange which simply means that money is used by buyers to purchase goods or services from sellers. We could go back to the restaurant example. The restaurant would gladly accept money for its goods and services because money
Mark Holzhauser
XECO 212
2/22/2012
Nicholas Kuzmich
Money as a unit of account serves as a way of comparison that we use to present prices and debts. A great example is a restaurant charges $5.00 for a hamburger and $20.00 for a steak. Using money makes it easy to compare the two items. We can clearly tell that the steak costs more than the hamburger. It would be much more difficult to compare if a hamburger costs 10 apples and a steak costs 25 bananas. Money is used as a medium of exchange which simply means that money is used by buyers to purchase goods or services from sellers. We could go back to the restaurant example. The restaurant would gladly accept money for its goods and services because money