ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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long lasting
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limited in supply
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easy to carry
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everyone agrees upon it
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Detailed explanation-1: -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-2: -Fiduciary cash, currency or money, alludes to banknotes and coins available for use in the economy. This is the liquidity accessible to financial actors to do exchanges. It is a method for payment. Cash is a substantial or tangible property, not at all like scriptural cash which is insignificant.
Detailed explanation-3: -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.
Detailed explanation-4: -General Acceptability An important quality of money is its acceptance. Good money requires acceptance to all without any hesitation. Since the law declares Money as the legal tender, it has an inherent quality of general acceptability.