Question

Secondary function of money is _____________. *

a) standard of deferred payments.
b) Medium of exchange.
c) Measure of value.​

Answer 1

Answer:

a) standard of deferred payments.

Functions of Money

However, it also has developed secondary functions that derive from its use as a medium of exchange. These other functions include:

• 1) a unit of account,
• 2) a store of value,
• ...and 3) a standard of deferred payment.

Explanation:

Secondary function: The secondary function of money includes money as a store of value and money as a standard of deferred payment.

As a store of value, it refers to the function of money that helps individuals in storing their wealth in the form of money. Therefore, money acts as an asset that sustains value over a period of time

As a standard of deferred payment, it refers to one of the most important functions of money. Deferred payments refer to payments made on loans, salaries, pensions, insurance premium, interests, and rents. The necessary condition for deferred payment is that the amount of repaid money should be the same as it was at the time of purchase of the good. Since all the goods and services can be expressed in terms of money, it makes the future payments easy and functional.

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