John is employed as a barista in a local coffee house. He receives a salary of...

 

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John is employed as a barista in a local coffee house. He receives a salary of 10,000 AED monthly. For each of the following situations described identify which functions of money is emphasized and explain clearly the importance of the function to the economy. (6 marks) (a). John used 3000 AED to pay his rent (b). John put aside (in a savings account) 4000 AED. He is hoping to save the required deposit on a one-bedroom apartment he hopes to buy (c). John is in a store keenly comparing the prices on different brands of TVs he hopes to purchase. John is employed as a barista in a local coffee house. He receives a salary of 10,000 AED monthly. For each of the following situations described identify which functions of money is emphasized and explain clearly the importance of the function to the economy. (6 marks) (a). John used 3000 AED to pay his rent (b). John put aside (in a savings account) 4000 AED. He is hoping to save the required deposit on a one-bedroom apartment he hopes to buy (c). John is in a store keenly comparing the prices on different brands of TVs he hopes to purchase.

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a In this situation the function of money emphasized is the medium of exchange John used 3000 AED to ... View the full answer