The Functions of Money Assignment
The three main functions of money include being a medium of exchange, a unit of
account, and a store of value. Money is used as a medium of exchange that allows buyers and
sellers to complete transactions more effectively, a unit of account for both prices and recording
debts and a store value that gives people the ability to hold it in the present and use it the way
they want in the future (N. Gregory Mankiw, 2023). Money has evolved throughout history,
starting from a bartering system where people would exchange goods and services directly to
cryptocurrencies. Cryptocurrencies are a form of digital currency created by individuals and
groups that gain and lose value as demand rises and falls. Despite how much good money has
done for humanity, there is a danger that comes with it. In a study conducted by The National
Council on Problem Gambling, in the U.S. alone, over 2 million people have a severe gambling
addiction, and over 4 million have a mild to moderate addiction (National Council on Problem
Gambling, 2014). The Bible warns in 1 Timothy 6:10 that the love of money is the root of all
evil. Money is a powerful tool that can make life easier than without it while also being a danger
that can lead to self-destruction.
