WHAT YOU NEED TO KNOW ABOUT MONEY

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Money is a medium of exchange, a unit of account, and a store of value that facilitates economic transactions. It can take various forms.

Forms of Money

1. Physical currency: Coins and banknotes issued by central banks.

2. Digital currency: Electronic money, such as digital wallets and cryptocurrencies.

3. Commodity-based money: Money backed by commodities like gold or silver.

Functions of Money

1. Medium of exchange: Money enables transactions between buyers and sellers.

2. Unit of account: Money provides a standard unit for measuring the value of goods and services.

3. Store of value: Money can be saved and used in the future.

Characteristics of Money

1. Acceptability: Money is widely accepted as a medium of exchange.

2. Durability: Money should be able to withstand wear and tear.

3. Portability: Money should be easy to transport and store.

4. Divisibility: Money should be able to be divided into smaller units.

Money plays a crucial role in facilitating economic transactions and promoting economic growth.

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