What is purpose of money?

What are the 3 purposes of money?

In summary, money has taken many forms over the centuries, but it has consistently three functions: store of value, unit of account, and medium of exchange. To see also : What is the name Bob mean?.

What are the 4 goals of money? Money has several functions: a medium of exchange, a unit of account, a store of value, and a deferred payment standard.

What are the 3 types of money?

Economists distinguish between three different types of money: commodity money, fiscal money and bank money. Commodity money is a good whose value serves as the value of money. Gold coins are an example of a commodity money.

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What are the 8 characteristics of money?

The features of good money are: To see also : What do rich people do with their money?.

  • General acceptance.
  • Mobility.
  • Durability.
  • Divisibility.
  • Homogeneity.
  • Recognition.
  • Stability.

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