WebAn attribute of money is that it is used as a unit of account. The implication is that money is used to measure and record financial transactions as also the value of goods or services produced in a country over time. The money value of goods and services produced in an economy in an accounting year is called gross national product. WebJun 2, 2010 · (a) State FOUR characteristics of money. (4 marks) (b) List TWO functions or services offered by commercial banks. (2 marks) 18. CXC PAST QUESTIONS AND ANSWERS – PRINCIPLES OF BUSINESS (c) For EACH of the functions mentioned above, explain what benefit customers obtain from using these functions. (4 marks) (d) List …

Money Definition - investopedia.com

WebThe Four Basic Functions of Money Generally, economists have defined four types of functions of money which are as follows: (i) Medium of exchange (ii) Measurement of value; (iii) Standard of deferred payments (iv) Store of value. WebCHARACTERISTICS OF MONEY Directions: Some characteristics of money are listed down the left-hand column in the table below. Listed across the top are different items that have been used as money in the past. Rate each item on a scale of 1 to 3 for each characteristic. A rating of 1 means the item performs that function third era elder scrolls

Four Functions of Money Uses, Role & Standard of Money - Video

WebA medium of Exchange – In an exchange economy, money plays an intermediary role. It makes the exchange system smooth and convenient. A measure of Value – The value of a product or service is determined on the basis of the money needed for its possession. This helps in making the exchange a mutually profitable activity. WebMoney is a type of asset that conventionally has as its main function, to serve as a means of payment and has thus been accepted by the economic agents of the world. This has … WebThe four characteristics that give money its value are its portability, durability, divisibility, and limited availability. Sometimes also included is uniformity and acceptability. third entity