WAEC - Economics (2014 - No. 24)
Money will serve as a standard of deferred payment if it is
homogeneous
durable
easily recognized
stable in value
Forklaring
standard of deferred payment is a function of money. It is the function of being a widely accepted way to value a debt, thereby allowing goods and services to be acquired now and paid for in the future. For it to serve this purpose, it has to be able to retain its value overtime.