Identify the first and foremost role of money.

Medium of exchange

The answer is Option 1 : Medium of exchange.

The first and foremost role of money is as a medium of exchange. This means that it can be used to easily and efficiently exchange goods and services. Before money was invented, people had to barter goods and services, which was a very time-consuming and inefficient process. Money solved this problem by providing a common medium of exchange that everyone could accept.

The other roles of money, such as a unit of account, a store of value, and a means of deferred payment, are all derived from its role as a medium of exchange. For example, money can be used as a unit of account because it allows us to measure the value of goods and services. It can be used as a store of value because it can be saved and used to purchase goods and services in the future. And it can be used as a means of deferred payment because it allows us to borrow and lend money.