Business, 22.08.2019 16:30 alexisnichols2001

Robert needs to decide between buying a new home gym for $1800 or being able to go on a canadian vacation for $1,000 and still having enough left over to buy a new set of free weights for $800. robert opts for the new set of free weights and the canadian vacation. robert has used money in what ways in making his decision?

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Answer from: Karinaccccc

The unit of account and medium of exchange functions of money are being used by Robert in making his decision.

Explanation:

Money serves a number of function, chief among them is medium of exchange, store of value, and unit of account. Here, Robert is using money to pay for a set of weights and a vacation. He is using money as a medium of exchange for these goods and services. So, money is serving as a medium of exchange.

Robert is also making a comparison between a new home gym and a set of weights and a vacation. Here, he is using the money to express the value of these goods and services. So, money here is serving as a unit of account.

Answer from: kloey908

Medium of Exchange and Standard unit of Account

Explanation:

When money is used to acquire some goods in exchange of money it is called that money is medium of exchange.

Standard unit of Account refers to the standard defined for such good/product or service.

Here, in the given case, with the medium of exchange being money Robert buys free weights and Canadian vacation.

Unit of account is $800 and $1,000 which is standard for these products and service.

Thus, final answer

Medium of Exchange and Standard unit of Account

Answer from: Quest

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

Answer from: Quest

government control and resources

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