Money – Definition
Economics SSS 1 Third Term
WEEK 5
Money – Definition
Performance Objectives
Student should be able to:
- Explain the meaning of money
- Identify the various types of money and the functions of money
- Explain the characteristics of money.
Content
Definition of Money
Money is anything that is generally accepted as a medium of exchange and in the settlement of debts. Money is anything that is generally accepted as a means of payment. Money is primarily a medium of exchange or means of exchange. It is a way for a person to trade what he has for what he wants. It is a medium of exchange, a store of value and a unit of account. It is used to pay debts, purchase goods and services and is accepted by the government for taxes. The term medium of exchange.... View More
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