ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ONLY a coin which is used to pay for goods and services
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anything that is generally accepted in payment for goods & services
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a green note given to the government in gratitude for keeping us safe
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Goods and Services represented by money
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Detailed explanation-1: -Money is any item or medium of exchange that is accepted by people for the payment of goods and services, as well as the repayment of loans. Money makes the world go ‘round. Economies rely on money to facilitate transactions and to power financial growth.
Detailed explanation-2: -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.
Detailed explanation-3: -Its value comes from being declared “legal tender"-an acceptable form of payment-by the government of the issuing country. In this case, we accept the value of the money because the government says it has value and other people value it enough to accept it as payment.
Detailed explanation-4: -A medium of exchange that is centralized, generally accepted, recognized, and facilitates transactions of goods and services, is known as money. Money is a medium of exchange for various goods and services in an economy. The money system varies with the governments and countries.
Detailed explanation-5: -Crowther defines money as ‘anything that is generally acceptable as a means of exchange and at the same time acts as measure and store of value. ‘