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Economic Definition of standard of deferred payment. Defined.

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Term standard of deferred payment Definition: The money function in which money is used as a standard benchmark for specifying future payments for current purchases, that is, buying now and paying later. This function may seem obscure, but it is a direct result of the store of value and measure of value functions. This is one of four basic functions of money. The other three are medium of exchange, measure of value, and store of value.

 

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