A standard of deferred payment is the accepted way, in a given market, to settle a debt – a unit in which debts are denominated. It is one of the defining functions of money; for example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard. As of 2010, the US dollar and the euro are the most generally accepted standards for international settlements.
The term "standard of deferred payment" is not as widely used as other terms for functions of money, namely medium of exchange, store of value, and unit of account, though it is distinguished in some works.
Other articles related to "standard of deferred payment, deferred payment, payment":
... Deferred payment is based on enforceability of debts and rule of law, and is not used or rarely used when debts are unlikely to be collectable ... of counterfeit currency being used — and there is rarely any deferral of payment if there is, it will most likely be stated in dollars ... such as Ithaca Hours establishes fixed amounts of human labour as the only standard of deferred payment ...
... While standard of deferred payment is distinguished by some texts, particularly older ones, other texts subsume this under other functions ... A "standard of deferred payment" is an accepted way to settle a debt – a unit in which debts are denominated, and the status of money as legal tender, in those jurisdictions which ...
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