Final answer:
The four components of money are medium of exchange, unit of account, store of value, and standard of deferred payment. Time, rich, and poor are concepts related to economics and socio-economic inequality.
Step-by-step explanation:
The four components of money are medium of exchange, unit of account, store of value, and standard of deferred payment.
Money serves as a medium of exchange by facilitating the buying and selling of goods and services. It also acts as a unit of account, providing a standard measure to compare the value of different goods and services.
Money serves as a store of value, allowing individuals to save and accumulate wealth over time. Lastly, it acts as a standard of deferred payment, allowing debts to be settled in the future.
Time, rich, and poor are not components of money, but rather concepts related to economics and socio-economic inequality.
Time is a valuable resource that affects economic decision-making and productivity.
Rich and poor refer to individuals or groups with varying levels of wealth or income in society.