What is MONEY ?
What is MONEY ? MONEY Money is a medium of exchange that is widely accepted in transactions for goods, services, and debts. It serves as a unit of account, a store of value, and a standard of deferred payment. Money can be in the form of physical objects, such as coins and banknotes, or it can exist in digital form as electronic currency. Here are some key characteristics and functions of money: 1. Medium of Exchange: Money facilitates the exchange of goods and services. It acts as a universally accepted intermediary in transactions, eliminating the need for barter or direct exchange of goods. 2. Unit of Account: Money provides a standard unit of measurement for the value of goods and services. It allows for the comparison of prices, the calculation of profits and losses, and the recording of financial transactions. 3. Store of Value: Money holds value over time and can be stored for future use. It allows individuals and businesses to save, accumulate wealth, and plan for th...