Raphael wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacation is priced at $800. He has only $1,574 in his checking account, so he cannot afford to purchase both. After much thought, Raphael buys the computer and writes a check for $1,299. Identify what role money plays in each of the following parts of the story.

1. Medium of Exchange: When Raphael decides to buy the computer, money acts as a medium of exchange. It allows him to exchange his funds for the computer. This is a primary function of money, facilitating transactions.

2. Measure of Value: Money also serves as a measure of value in this situation. It provides a way to quantify the value of both the computer and the vacation. The computer's value is $1,299, and the vacation's value is $800. This helps Raphael to compare the costs of the two items he desires and assess which one he can afford with the amount he has.

3. Store of Value: Before making his purchase, the money in Raphael's checking account represents a store of value. It holds the value that he can use at a later time for purchasing goods or services, such as the computer or the vacation.

4. Deferred Payment: By writing a check for the computer, Raphael is using money as a means of deferred payment. The check represents a promise that the funds will be available and will be transferred from his account to the seller's account. This is dependent on the banking system and the trust that the seller has in accepting a check as a form of payment.