Rajesh went to a shopkeeper he knew, picked up a few items from his shop, and promised that he would pay later.

What is this arrangement referred to as?

Standard of deferred payment

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Standard of payment

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Storage of value

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Standard of quick payment

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Solution

The correct option is A Standard of deferred payment
The storage of value is a key feature of money. So, people save and store wealth for future purposes. Since the future value of money was assured, people like Rajesh are able to buy a product with the promise of payment in the future. This feature of money is called the standard of deferred payments.

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Rajesh went to a shopkeeper he knew, picked up a few items from his shop, and promised that he would pay later. What is this arrangement referred to as?

Rajesh went to a shopkeeper he knew, picked up a few items from his shop, and promised that he would pay later.

What is this arrangement referred to as?