Question

The function of money which allows a person to pay for a commodity at a future date is called as ______.

Options

• Unit of account

• Measure of value

• Standard of deferred payment

• Medium of exchange

Answer 1

The function of money which allows a person to pay for a commodity at a future date is called as standard of deferred payment.

Explanation:

The "Standard of Deferred Payment" function of money allows expressing and settling future debts in monetary terms, acting as a standard for deferred payments in modern economies.