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Money characteristics and functions of money

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The following points highlight the top six functions of money. Function # 1. A Medium of Exchange: The only alter­native to using money is to go back to the barter system. However, as a system of ex­change the barter system would be highly impracticable today. Click to Play!

Explain the characteristics required by money if it is to carry out its functions effectively. What is money? Money is primarily a current medium exchange, for a person to buy goods and services from other person in the form of coins and banknotes (Freeman, 2012). Click to Play!

Importance of a developed money market and its various functions are discussed below: 1. Financing Trade: Money Market plays crucial role in financing both internal as well as international trade. Commercial finance is made available to the traders through bills of exchange, which are discounted by the bill market. Click to Play!

Grade Four Characteristics and Functions of Money Overview Students share the book The Go-Around Dollar,by Barbara Johnston Adams, to learn about the features of money and how money is used. They complete work-sheets on the characteristics and functions of money. Lesson Objectives Students will be able to: Discuss the circular flow of money Click to Play!


Money: Functions and Characteristics of Money - free-games-money.website


There are number of functions of money that can be seen easily in the business world. But before discussing the functions of money, lets define the money. Money has been defined by different authors in different ways, which is discussed as under:-According to Walker “Money is that what money does”.
Why Do We Need Know The Characteristics Of A Good Money? What Are The Qualities Of Good Money Material? What Are The Characteristics Of Good Money? Can You Explain Capitalism And Its Features? What Is Meant By Scarcity? What Are The Functions Of Money? How Can I Get A Loan With My Achieve Card?
The main characteristics of money are durability, divisibility, portability, acceptability, limited supply and uniformity. Money serves as a store of value, a unit of account and as a medium of exchange.


Money : Function & Characteristics


Characteristics And Functions Of Money - TeachifyMe Money characteristics and functions of money


The following points highlight the top six functions of money. Function # 1. A Medium of Exchange: The only alter­native to using money is to go back to the barter system. However, as a system of ex­change the barter system would be highly impracticable today.
Virtually anything can be considered money, as long as it performs what we call the three major functions of money (i.e. medium of exchange, store of value, unit of account). With this in mind, it is not surprising that there were different types of money throughout history.
Explain the characteristics required by money if it is to carry out its functions effectively. What is money? Money is primarily a current medium exchange, for a person to buy goods and services from other person in the form of coins and banknotes (Freeman, 2012).



Functions of Money


money characteristics and functions of money
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account. Store of value. In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value. If.
Money: Meaning and Functions of Money – Discussed! A. Meaning of Money (D2007, 09; A2004. 10, 11): Money is a concept which we all understand but which is difficult to define in exact terms. Money is anything serving as a medium of exchange. Most definitions of money take ‘functions of money’ as their starting point.

money characteristics and functions of money What are the functions of money?
And what are the characteristics of money?
This article on money will answer all the questions raised above.
Let us start off with finding a good definition link money.
Money can be defined as anything that is generally accepted by the people of a society or territory for the payment of goods and services bought or for the payment of debts.
Another very good, but brief definition of money is money characteristics and functions of money generally acceptable as a medium of exchange in a region or defined money characteristics and functions of money />Now that we have learned what money is, let us now take a look at the functions of money.
What are the functions of money?
Money performs a great deal of functions.
This is undoubtedly the most prominent function of money.
Money solves all the problems associated with barter trade or the Barter system.
With Barter trade, goods were directly changed with other goods.
This system came along with a great deal of disadvantages because the only way you could get what you wanted was to have something that you could exchange with someone for what you wanted.
For example, supposing John wanted some onions, and went to Janet who had some.
And since there was no money to pay Janet and read more the onions, he would have to look for something that Janet also needed in order to exchange for the onions.
But money came to solve this problem.
Another function of money is that it is used as a measuring tool for goods and services.
You see, a measuring unit like kilometer is used in measuring distance in order that we can compare the distance from one place to another.
It therefore goes without saying that without the kilometer it would so money and even it very difficult to compare the distance from one place to another.
Money also plays similar role when it comes to evaluating goods and services and comparing them with other goods and services.
Thanks to the money characteristics and functions of money of money, it is no longer difficult to effect, for example the exchange of a sack of beans for a cow.
Today money has made it possible for us to exchange the sack of beans for the appropriate amount of money in a fair manner.
When we say deferred payment, what is meant is the settlement of debt at a later date.
With the presence of money it is very easy to defer payment from now until a later date in future.
For example, when you buy a commodity on credit, you promise to pay the money value of the commodity that you have bought money characteristics and functions of money a later date.
Money please click for source made it possible for us to record debts and pay them at a later date.
Money also makes it possible for contracts to be entered into now and executed at a future date.
In the absence of money it would be very difficult for one to store goods for future use — especially perishable goods such as tomatoes, onions, fruits, vegetables, etc.
For example, a tomato farmer cannot store his tomatoes for future use.
But by selling his produce for money, the farmer can save click for later use.
Having taken a look at the functions of money, let us now turn our attention to the characteristics of money or rather the qualities of good money.
What are the characteristics of money or the qualities of good money?
Money has all money characteristics and functions of money characteristics below.
Money is easily divisible.
Money must be able to be easily divided into smaller units or denominations in order for one to be able to use to carry out even the smallest of transactions.
If you cannot easily break down money into smaller units, then you do not have money.
Money must be portable.
By being portable, money must be able to be easily carried by a person from one place to another.
It should be easy and convenient to be carried around regardless of the distance the one carrying it is going to cover.
Certainly, it must not be too bulky.
Money must be something that is generally accepted by all the people of a particular area, region, country or territory.
In other words, money must be legal tender.
When something is legal tender, then it is supported by the laws of the land.
This means one can use it in payment and settlement of debt within a defined region or place.
It therefore becomes a crime to refuse to accept it.
Money must be scarce but not extremely scarce.
Precious metals like gold and diamond are too scarce and can therefore not pass as money.
Money should not be too scarce but limited in supply.
If money is not scarce and supplied in abundance, then it becomes relatively worthless just like sand or stones, which can be found everywhere.
Bottom line: money must be relatively scarce to get.
Money must enjoy a relative stability over time in terms of its value.
Anything being used as money should have its value being able to enjoy a reasonable stability over long periods of time else people are going to reject it.
And when people begin money characteristics and functions of money it, then it cannot qualify as money.
Any material that is used as money should be very difficult to imitate.
If it is possible to imitate, then dishonest people are lucky code to produce a lot of imitation of it and flood the entire region with it.
Money should have a standardized unit.
This means that the various units of money must be homogeneous.
The above are the major characteristics of money.
In order for something to qualify as good money, then it should have the above qualities.
NOTE: Anything that is generally acceptable as a means of exchange for goods and services bought is money.
The most important requirement here is for that material money to be generally acceptable by all the people of a defined territory.
Regardless of how precious or valuable a material is, if it is not generally acceptable by a people in a particular area, region, country or territory as a means of exchange, then it cannot be used as money.
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Money : Function & Characteristics


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There are number of functions of money that can be seen easily in the business world. But before discussing the functions of money, lets define the money. Money has been defined by different authors in different ways, which is discussed as under:-According to Walker “Money is that what money does”.


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