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An item must have several key characteristics to function as money: it should be a medium of exchange that is widely accepted, a unit of account for measuring value, and a store of value that retains its worth over time. Additionally, it should be durable, portable, divisible for easy transactions, and fungible, meaning that individual units are interchangeable. Scarcity is also important, as a limited supply helps maintain its value.
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The six characteristics economists use to judge how well an item serves as currency is divisibility?
There are six characteristics that economists used to judge how well an item serves as currency. These characteristics are acceptability, durability, divisibility, portability, and limited supply.
What did Karl Marx means by money is the root of all evil?
That is not a quote from Karl Marx, but a paraphrase from the New Testament.1 Timothy 6:10: 10For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.Karl Marx saw money as an agent in the alienation of people since money could be used as a substitute for humanly desirable characteristics. For example, a man who is horribly atrocious could have the most wonderful woman with the power given him by money. Additionally, he saw money as alienating people from the production of their own personal items. When a person exchanges money for an item, a person is only complicit in the consumption or use of the item, but has no idea how it was made, separating it fundamentally from its constituent elements.
What are the economic importance of crude oil?
The economic importance of crude oil is that it is used to produce gasoline and other fuels used around the world. Countries must pay large amounts of money for these resources which drive the economy.
What is the name of the thing a shop assistant puts money into?
The item a shop assistant puts money into is commonly called a cash register or till. It is used to record sales transactions and store cash and change. Some modern systems may also involve point-of-sale (POS) terminals that integrate payment processing.
Is the type of money used in the US commodity money representative money or fiat money?
puppys
The six characteristics economists use to judge how well an item serves as currency is divisibility?
There are six characteristics that economists used to judge how well an item serves as currency. These characteristics are acceptability, durability, divisibility, portability, and limited supply.
What are the rules used for an eBay auction?
The rules for an eBay auction are that you can't bid if your information is invalid. You must pay for the item that you buy. You must bid if you are intending to buy the item. You can't bid for your own item.
How can a GPS tracker be used to safeguard money and valuables?
A GPS tracker can be used to safeguard money and valuables by attaching it to the item or keeping it in a secure location with the item. If the item is lost or stolen, the GPS tracker can help track its location in real-time, making it easier to recover the item and prevent financial loss.
Where do you go to trade your ps3 for a used one?
You can trade in a PS3 as some retail stores like Gamestop. You can purchase a Refurbished PS3 from them, but they will not give you just a used one and will not trade. You must get a credit then purchase the item using money and your trade in credit
Ferromagnetic materials used in a transformer must have?
non linear B-H characteristics
A team has been given all the materials they need to solve a problem. The difficulty is that one item must be used in the solution in a manner that is not the normal way the item is used. The team is?
Functional fixedness
If you have to replace an item do you buy a new item or used item?
Whether you replace an item with a new item or a used item depends on three factors:whether you want a new or used itemwhether the item is still manufactured or soldwhether you have enough money to buy a new version.Additionally, many people choose to buy "gently used" items to help conserve the natural resources. Every manufactured item uses some type of fuel for manufacturing, whether the fuel is electricity, gas, oil, coal, etc. So by buying used, you can help save the earth's resources.
What are class and individual characteristics?
Class characteristics are features that are common to a group of items, like the type of material used in a product. Individual characteristics are unique features that make an item distinct from others in that group, such as a specific serial number on a product.
What refers to money spent by business for an item that will be used over a long period on time?
Capital Spending.
What is it called when you trade one item for another when money isn't used?
Such transaction is called trading or bartering.
Can you get a cash refund when you pay for an item with a credit card?
It is dependent on the store that you purphased the item from. Some will allow you, others will not. Typically, they ask you for the credit card you used when you bought the item and refund the money back onto the card.
In classified ads what does WHY stand for?
WHY, when used in a classified advert, stands for 'What Have You'. It shows that the seller is not only interested in money for the item and will consider swapping for another item (normally of the same worth).
