ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.

Detailed explanation-2: -Money is anything generally accepted as a means of paying for goods and services and for paying off debts.

Detailed explanation-3: -Money is a liquid asset used to facilitate transactions of value. It is used as a medium of exchange between individuals and entities. It’s also a store of value and a unit of account that can measure the value of other goods.

Detailed explanation-4: -According to Robertson Money is defined as What is accepted universally in exchange of goods and services.

Detailed explanation-5: -Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.