ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Commonly appropriate as a product/service payment
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Used only for goods and cannot be used unlimitedly
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Solved barter’s problem by single coincidence of needs
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Anything acts as a large medium only
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Detailed explanation-1: -What is money? 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.
Detailed explanation-2: -Money as a medium of exchange enables a person to buy or sell at different points of time. It has separated the acts of sale and purchase. A buyer can buy goods through money, and the seller can sell goods for money.
Detailed explanation-3: -Money serves as a medium of exchange, as a store of value, and as a unit of account. Medium of exchange. Money’s most important function is as a medium of exchange to facilitate transactions.
Detailed explanation-4: -Explanation. Money serves as a decent medium of exchange that enables the user to make transactions and buy goods and avail services from any form of business that prevails in the market.