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FUNCTIONS AND ROLE OF MONEY

FUNCTIONS AND ROLE OF MONEY          

Money is a medium of exchange that facilitates transactions between buyers and sellers. Its functions and roles can be broadly categorized as follows:

  1. Medium of exchange: Money serves as a medium of exchange for goods and services, making transactions easier and more efficient. Without money, transactions would have to be conducted through bartering, which would be cumbersome and time-consuming.
  2. Unit of account: Money serves as a unit of account, enabling individuals and businesses to measure and compare the value of goods and services. This helps in making decisions regarding production, investment, and consumption.
  3. Store of value: Money can be used as a store of value, allowing individuals and businesses to save and accumulate wealth over time. This is possible because money can be stored and retrieved easily.
  4. Standard of deferred payment: Money serves as a standard of deferred payment, allowing individuals and businesses to enter into credit agreements and make payments at a later date. This helps in facilitating borrowing and lending, and enables businesses to invest in production and growth.
  5. Means of payment: Money can be used to settle debts, making it a convenient means of payment.

Overall, money plays a crucial role in the functioning of modern economies, and its various functions and roles make it an essential component of economic activity.



 

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