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and, sometimes, a standard of deferred payment, summarized in a mnemonic rhyme of older economics texts:

However, many newer texts do not distinguish the function of a standard of deferred payment, subsuming it in other functions.

Being a standard of deferred payment is one of the functions of money; it is distinct from:

* The standard of deferred payment can be distinguished from the medium of exchange function because of how its value might change over time. If payment is to be deferred, it should be denominated in

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