Question

at many game centers (like those at dave and buster's), kids play carnival-type games to win prize tickets. these tickets are then redeemed for a variety of prizes based on the number of tickets earned. below, indicate in what ways these prize tickets illustrate the three functions of money.

Answer 1

Prize tickets at game centers epitomize the three functions of money: medium of exchange, by enabling the trade of gaming success for rewards; store of value, by holding value for future prize redemption; and unit of account, by assigning value to prizes.

Step-by-step explanation:

Prize tickets at game centers like Dave and Buster's demonstrate the three functions of money by acting as a medium of exchange, a store of value, and a unit of account. Firstly, these tickets function as a medium of exchange, allowing players to trade their gaming success for tangible rewards. Like money, the tickets store value, which can be redeemed for prizes at a later time. Lastly, they serve as a unit of account, providing a standard numerical value to the often disparate prizes available.

The prize tickets earned at game centers like Dave and Buster's illustrate the three functions of money. First, these tickets act as a medium of exchange because they are used to purchase prizes. Second, they serve as a unit of account because each ticket has a specific value that can be used to compare and determine the worth of different prizes. Lastly, these tickets act as a store of value because they can be saved and accumulated over time to be exchanged for higher-value prizes.