MONEY FUNCTIONS: Any item used as money in an economy performs automatically takes on four basic functions: (1) medium of exchange, (2) measure of value, (3) store of value, and (4) standard of deferred payment. While "buying and selling" means that money is THE medium of exchange, by far THE most important function of money, money also performs measure of value, store of value, and standard of deferred payment functions. Measure of value, also termed unit of account, means that prices are stated in terms of money. Store of value means that value, the satisfaction of wants and needs, can be stored over time using money. Standard of deferred payment means that future payments, such as paying off a car loan, are also in terms of the monetary unit.

     See also | money | medium of exchange | measure of value | unit of account | store of value | standard of deferred payment | money characteristics | barter |

MONEY FUNCTIONS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: March 12, 2026].

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An economy-wide problem in the financial sector and the banking industry that triggers an economy-wide business-cycle contraction or even depression. Bank panics were common throughout the 1800s and early 1900s, during which time they where the primary cause of business-cycle downturns. Bank panics usually involved bank runs that spread from bank to bank throughout the economy.

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Today, you are likely to spend a great deal of time waiting for visits from door-to-door solicitors wanting to buy either a set of tires or a birthday gift for your grandfather. Be on the lookout for telephone calls from long-lost relatives.
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