What is money in simple words?
What is money in simple words?
Money is a liquid asset used in the settlement of transactions. It functions based on the general acceptance of its value within a governmental economy and internationally through foreign exchange. The current value of monetary currency is not necessarily derived from the materials used to produce the note or coin.
What is money in economics class 10?
Money can be defined as anything that act as medium of exchange, store of value and unit of accounting to facilitate the economic activities and transactions. E.g. Currency – paper notes and coins, Demand Deposits, Bankers Cheque.
What is money Economics Wikipedia?
Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and it considers how money can gain acceptance purely because of its convenience …
What is money Class 10th answer?
Question 12. Answer: Banks charge a higher interest rate on loans they extend than what they offer on deposits. The difference of interest is the main source of income of banks….Free Resources.
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What is the introduction of money?
Money is really anything that people use to pay for goods and services and to pay people for their work. Historically, money has taken different forms in different cultures—everything from salt, stones, and beads to gold, silver, and copper coins and, more recently, virtual currency has been used.
What is money in Economics PDF?
Concise Oxford Dictionary, is “a current medium of exchange, which is recognized and widely accepted. in payments for goods and services and for the settlement of debts”.
What is money Class 10 Ncert?
Money and Credit Class 10 Notes Social Science Economics Chapter 3. Money: Money acts as an intermediate in the exchange process & it is called medium of exchange. The reason as to why transactions are made in money is that, a person holding money can easily exchange it for any commodity or service that he or she wants …
What does money as money mean?
Meaning of Money (D2007, 09; A2004. ‘Money is that which money does. ‘ According to Prof. Walker, ‘Money is as money does. This means that the term money should be used to include anything which performs the functions of money, viz., medium of exchange, measure of value, unit of account, etc.
What is money explain its function?
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. Medium of exchange. Money’s most important function is as a medium of exchange to facilitate transactions.