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🍒 Money: Definition, Types, Characteristics and functions - Library Gurus

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Infographic: The Properties of Money. While a deeper look at money did raise many questions, there are at least some foundational truths that can be discerned about money.. For example, many economists and experts in the field agree that money must be a medium of exchange, a unit of account, and a store of value: Click to Play!

Infographic: The Properties of Money. While a deeper look at money did raise many questions, there are at least some foundational truths that can be discerned about money.. For example, many economists and experts in the field agree that money must be a medium of exchange, a unit of account, and a store of value: Click to Play!

Thus, money includes coins, currency notes, cheques, Bills of Exchange, and so on. It is not always easy to define money. That is why Prof. Walker has said that money is that which money does. By this, he refers to the functions of money. Money performs many functions in a modern economy. Click to Play!

Thus, money includes coins, currency notes, cheques, Bills of Exchange, and so on. It is not always easy to define money. That is why Prof. Walker has said that money is that which money does. By this, he refers to the functions of money. Money performs many functions in a modern economy. Click to Play!


Characteristics And Functions Of Money - TeachifyMe


Which serves as Functions of Money. The characteristics of what serves as money depend somewhat on the degree of complexity in the society. A relatively simple economy, with relatively few goods and services, few producers and consumers, and few transactions, may be able to function with a form of money that would not work in a more complex society.
Key Functions of Money. Medium of exchange: money allows goods and services to be traded without the need for a barter system. Barter systems rely on there being a double coincidence of wants between the two people involved in an exchange
Made with Explain Everything. Money Market Instruments Class XII Bussiness Studies by Dr Heena Rana - Duration: 9:51. Goyal Bros. Prakashan - Video Lectures 67,970 views


Macro 4.2- Functions of Money


What Is Money? Characteristics of money and functions of money


ADVERTISEMENTS: The following points highlight the top six functions of money. Function # 1. A Medium of Exchange: The only alter­native to using money is to go back to the barter system. However, as a system of ex­change the barter system would be highly impracticable today. For example, if the baker who supplied the green-grocer […]
Then notes and coins were introduced into the market and those notes, coins and other good money has following characteristics: Durability. Money needs to last for a long time and should not be perished quickly. Money should have the ability to be used more than one/few times with out getting damaged or distracted.
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account. Store of value. In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value. If.



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characteristics of money and functions of money
Start studying The Six Characteristics Of Money. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
ADVERTISEMENTS: The following points highlight the top six functions of money. Function # 1. A Medium of Exchange: The only alter­native to using money is to go back to the barter system. However, as a system of ex­change the barter system would be highly impracticable today. For example, if the baker who supplied the green-grocer […]

characteristics of money and functions of money Plus, get practice tests, quizzes, and personalized coaching to help you succeed.
Coming up next: What is the Gold Standard?
Keep up the good work!
Money makes the world go around.
In this lesson, we will learn more about money.
We will break it down into its separate functions and look closer at its many characteristics.
A Closer Look at Money There you are, shopping at your favorite store.
While there, you find a pair of shoes you absolutely cannot live without.
After searching for your size, you grab characteristics of money and functions of money box and head to the checkout lane.
You dig into your wallet, pull out three 20-dollar bills, and hand them to the associate.
While you characteristics of money and functions of money realize you paid for your new shoes using money, what you probably did not think much about is the characteristics of that money or the functions that money possesses.
Functions of Money We, as consumers, use money so often that we rarely stop to think much about it.
We know that we must have it to pay for goods and services, but how many of us realize what the functions of money are?
Well, let's take an opportunity to look deeper at money and its functions.
For this lesson, we will concentrate on the functions of medium of exchange, unit of account, and the store of value.
Medium of Exchange: What this means, is that we use money to purchase goods and services.
Before the introduction of money, barter was the main process to obtain goods and services.
For example, one may trade fur for a cow.
However, now that we have money, we can use it as a characteristics of money and functions of money of exchange to purchase those must-have shoes.
We know that when we go into a store, that the store will accept our money as a form of payment because it is widely accepted as a medium of exchange.
Unit of Account: When we go to purchase items, there is a standard for measuring the worth of those items.
This is what we call a unit of account.
If the item costs 200 seashells, then there may be confusion.
Money is able to retain its value over time.
Characteristics Now that we know what the functions of money are, it's time to take a look at its characteristics.
In general, there are four main characteristics that money should fulfill: durability, divisibility, transportability, and inability to counterfeit.
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Durability: If money stays the same in terms of shape and substance over time, it is said to be durable.
This means that it does not easily change form and can be used for a long period of time.
Because money is said to be durable, individuals are willing to take it as a form of payment because they can use it later to purchase another good or service.
An example of durability is coins vs.
Coins will still look like coins over long periods of time.
However, a banana continues to rot and may not look much like a banana after a few weeks.
A coin would be considered durable, but a banana would not.
Divisibility: This means that money can be broken down into smaller units.
Transportability: When we go to the store, like in the example above, we are able this web page actually take our money with us, perhaps in go here wallet or purse.
Therefore, money is considered transportable if we can bring money from one location to another.
Objects such as heavy antiques are not easily carried from one place to another and not often used to pay for items in a store.
Thus, they are not transportable as say a paper dollar or coin that can be carried in our purse.
Inability to Counterfeit: Basically, money should not be able to be duplicated easily.
Unlike fruit that grows on a tree, money cannot be grown or 'created' like other items.
Lesson Summary Let's review.
In the end, we have all used money in one way or another.
We purchase goods and services usually on a regular basis and do so using a medium of exchange known as money.
We know that when we put money in our bank, two weeks later, it will still have the same value.
We also know that we can measure money and break it down into smaller units when purchasing items.
Lastly, we know that in order for money to be a functional means to pay for goods or services, it needs to fulfill four characteristics: durability, divisibility, transportability, and the inability to counterfeit.
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Function:Characteristics of Money


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Different Definitions for the Money Supply. M1- component of the money supply relating to money’s role as a medium of exchange. Currency (Coins and Paper Money) All checkable deposits (travelers checks, DDAs/ checking account) M2- component of the money supply relating to money’s role as a store of value


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