Money Defined by Functions

Steps:

• Recall the standard economic definition of money: it serves as a medium of exchange, unit of account, store of value, and standard of deferred payment.
• Evaluate Brixton pounds (a local currency) against these functions within its community.
• Confirm they act as medium of exchange (accepted locally), unit of account (prices in Brixton pounds), store of value (redeemable), and deferred payment standard.
• Conclude they qualify as money if all functions are met, regardless of national scope.

Why D is correct:

• Money is defined by fulfilling its core functions (medium of exchange, etc.), per economic theory, which Brixton pounds do locally.

Why the others are wrong:

• A: Countries can and do have multiple currencies, like euros alongside national ones.
• B: General acceptability is ideal but not required; local currencies function as money in their domain.
• C: Partial acceptance by some shopkeepers does not ensure all money functions are fulfilled.

Final answer: D