Functions of Money

Eroticplants

Hello all,

I'm wondering can anyone give me a basic BASIC definition and example of Standard of Deferred Payment and Store of Value??
I've been in my colleges library going on four hours now and I've nearly torn apart every economics book that has the slighest chance of having any information and google is about as useful as a kick in the pants.

If anyone could help my out I would be eternally grateful.
:o:o:o

Snow joke

http://www.google.ie/search?hl=en&source=hp&q=define+deferred+payment&aq=0&aqi=g1g-v7&aql=&oq=define+deferred+p

http://www.google.ie/search?hl=en&q=define+store+of+value&aq=0&aqi=g1g-j1&aql=&oq=define+store+of+va

later12

Eroticplants wrote: »

give me a basic BASIC definition and example of Standard of Deferred Payment

this is simply a tool for the payment of a debt, most typically money.
An example is US$ currency or, Euros.

and Store of Value??

This is any asset that can be used to transfer wealth from one time period to the next.

This basically can include anything from livestock to gold bars and many things in between.

andrew

Standard of deferred Payment:

I buy a goat from you. You give me the goat. One month later, I pay you. Rather than the payment and exchange taking place simultaneously, the payment was deferred. The fact that the payment was deferred is subtle, but I think it's relevant because it highlights the fact that people see money as having a value which will last into the future, and as such will be acceptable as payment in the future.