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Money as a medium of exchange enables geographic and labor specialization, serves as a store of value, and acts as a unit of account.
Money serves three primary functions: medium of exchange, store of value, and unit of account. The medium of exchange function allows money to facilitate the exchange of goods and services, promoting geographic and labor specialization. Additionally, as a store of value, money retains its worth over time enabling savings and investment. Lastly, as a unit of account, money serves as a common measure of value to express prices uniformly.
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