What does the term "standard of deferred payment" refer to in money functions?

The term "standard of deferred payment" refers to the function of money that allows it to be used as a method for settling debts over time. In this context, it emphasizes that money can serve as a consistent measure for valuing future payments, enabling individuals and businesses to agree on the amount owed and the time frame for repayment. This characteristic is crucial for facilitating credit and loans, as it assures parties involved that the currency used to settle debts will maintain its value over time.

Given that this concept relates specifically to the ability to pay debts in installments, it directly aligns with the correct option. The other choices, while related to financial concepts, do not accurately capture the essence of “standard of deferred payment.” Uniformity in currency design pertains more to the physical characteristics of money rather than its function, while saving for future expenses and measuring spending power relate to different aspects of personal finance.