What are the three basic functions of money ?

(1) Medium of exchange

Money can be used in exchange for goods and services. This reduces transaction costs by a huge margin because people no longer need to barter.

2) Store of value

Money can serve as a store of value. That means, it can be used to transfer buying power into the future.

(3)  Unit of account

Money is also a measure of economic value. Every good you can buy in a shopping center has a price tag on it. Thanks to that we can easily compare the value of completely different goods.

Explanation:

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"