A community repair service fixes bicycles for customers. Customers can transfer money when a repair is completed, or agree to pay for the completed repair in four monthly instalments.
Explain the two functions of money illustrated by this arrangement and how using money helps the service and its customers avoid a difficulty of barter.
60 exam-style questions on AQA GCSE Economics 2.5 The role of money and financial markets, covering 2.5.1a Functions of money, 2.5.1b Definition of money, 2.5.2a Agents in the financial sector, 2.5.2b The role of the Bank of England, and 2.5.2c The role of high street banks. Each one has a worked solution and a mark scheme showing where the marks go.