Functions of Money- Macro Topic 4.3

The video tutorial explains the concept of money, its three main functions—medium of exchange, unit of account, and store of value—and the impact of inflation on stored value. It distinguishes between fiat money, which has no intrinsic value, and commodity money, which does. The video also discusses the historical context of the gold standard and uses Clifford dollars as a teaching tool to introduce currency exchange concepts.

What new insight or understanding did you gain from this video?

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