ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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something that is generally acceptable in exchange for goods and services
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a legally recognized asset that is generally accepted in exchange for goods and services.
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something that circulates and provides a standardized means of evaluating the relative price of goods and services.
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The ability of money to command purchasing power in the future
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Detailed explanation-1: -Money is a medium of exchange that can be used to facilitate transactions for goods and services. Currency is a generally accepted form of payment, including coins and paper notes, which is circulated within an economy and usually issued by a government.
Detailed explanation-2: -Currency is a medium for exchange of goods and services.
Detailed explanation-3: -In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency.
Detailed explanation-4: -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-5: -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.