A farmer sells a truckload of grain for $1000. He then takes the cash to the tractor dealer and buys a new set of tires for his cultivator. This illustrates that one function of money is to be a

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30-03-2018
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A farmer sells a truckload of grain for $1000. He then takes the cash to the tractor dealer and buys a new set of tires for his cultivator. This illustrates that one function of money is to be a

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MrsTriplet MrsTriplet · Answer 1 · 2019-01-16T20:09:36+01:00

MrsTriplet MrsTriplet

16-01-2019

This illustrates that one function of money is to be a medium of exchange. A medium of exchange refers to anything to is used in exchange for something else. Grain was used as a medium of exchange for cash and then the cash was used as a medium of exchange for the tires for his cultivator.

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andromache andromache · Answer 2 · 2021-10-26T13:49:25+02:00

The given situation illustrated the money function to be the medium of exchange.

Given that,

The farmer sold the grain truckload for $1,000.
After this, the cash should be taken & the new set of the tires should be purchased.

Based on the above information, we can say it is a medium of exchange as in the given situation the things are exchanged as the cash is exchanged. for tires.

Therefore we can conclude that the given situation illustrated the money function to be the medium of exchange.

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