Question

Which function of money is most closely related to the "record-keeping" idea? Explain your reasoning.

Short answer

Money is considered an importer in monetary economics and is used to reduce waste and allocate capital. By acting as a convenient warehouse for money, purchasing power can be transferred over time.

Step-by-step solution

Introduction.

Recording is the process of establishing and tracking the activities of individuals or organisations and keeping a regular and official record of them.

Sample records include electronic paper, handwritten notes, voice recordings, emails, consent forms, text messages, lab results, photographs, videos, and hard copies. Logging is a hot topic of discussion.

Function of Cash.

In conclusion, money has existed in a variety of forms throughout history, but it has always served three functions. 'A means for holding value, consolidating accounts, and exchanging them.