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I CANNOT EMPHASIZE THIS POINT ENOUGH, and felt compelled to reiterate it when I came across one of Miles Franklin’s marketing pamphlets, titled “GOOD MONEY MUST HAVE SEVEN CHARACTERISTICS.” This timeless piece was taken from Richard Russell of Dow Theory Letters, and nothing proves my point better: Click to Play!

The six characteristics of money are durability, portability, acceptability, limited supply, divisibility and uniformity. Money acts as a unit of account, a medium of exchange and a store of value. Click to Play!

So, what is money, and what are the characteristics of money? The University of California Santa Barbara says the three basic functions of money are to serve as a medium of exchange, a unit of account and as a store of value. Click to Play!

Which serves as Functions of Money. The characteristics of what serves as money depend somewhat on the degree of complexity in the society. A relatively simple economy, with relatively few goods and services, few producers and consumers, and few transactions, may be able to function with a form of money that would not work in a more complex society. Click to Play!


Functions of Money, Economic Lowdown Podcasts | Education Resources | St. Louis Fed


The main characteristics of money are durability, divisibility, portability, acceptability, limited supply and uniformity. Money serves as a store of value, a unit of account and as a medium of exchange.
Which serves as Functions of Money. The characteristics of what serves as money depend somewhat on the degree of complexity in the society. A relatively simple economy, with relatively few goods and services, few producers and consumers, and few transactions, may be able to function with a form of money that would not work in a more complex society.
The Four Basic Functions of Money. Now, let's take a look at how economists view the basic functions of money. Money serves four basic functions: it is a unit of account, it's a store of value, it.


functions of money (class Xll Economics)


Money - Wikipedia Money characteristics and functions


ADVERTISEMENTS: The following points highlight the top six functions of money. Function # 1. A Medium of Exchange: The only alter­native to using money is to go back to the barter system. However, as a system of ex­change the barter system would be highly impracticable today. For example, if the baker who supplied the green-grocer […]
Money makes the world go around. In this lesson, we will learn more about money. We will break it down into its separate functions and look closer at its many characteristics.
Learn about the characteristics, properties, and functions of money and the economic difference between money and wealth.



Functions and Characteristics of Money


money characteristics and functions
The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
These four functions of money have been summed up in a couplet which says: Money is a matter of functions four, a medium, a measure, a standard and a store. These functions have been presented below in the charitable. (i) Money as a Unit of Value:

money characteristics and functions ADVERTISEMENTS: The following points highlight money characteristics and functions top six functions of money.
A Medium of Exchange: The only alter­native to using money is to go back to the barter system.
However, as a system of ex­change the barter system would be highly impracticable today.
For example, if the baker who supplied the green-grocer with bread had to take payment in onions and carrots, he may either not like these foodstuff or he may have sufficient stocks of them.
ADVERTISEMENTS: The baker would, therefore, have to money characteristics and functions the product which would take time and be very inconvenient.
By replacing these complicated sales by https://jackpot-deposit-promocode.website/and/online-play-game-and-win-money.html use of money it is possible to save a lot of trouble.
If the baker accepts payment in money this can be spent in whatever way the baker wishes.
The use of money as a medium of exchange overcomes the drawbacks of barter.
Thus, money provides the most efficient means of satisfying wants.
Each consumer has a different set of wants.
Money enables him her to decide which wants to satisfy, rank the wants in order of urgency and capa­city income and act accordingly.
This type of system also enables specialisation to extend.
Take, for example, a person who performs only a single task in a shoe factory.
He has not actually produced any­thing himself.
So what could he exchange if a barter system were in operation?
With money system the problem is removed.
He can be paid in terms of money and can use that money to buy what he wants.
A Measure of Value: Under the barter system, it is very difficult to measure the value of goods.
For example, a horse may be valued as worth five cows or 100 quintals of wheat, or a Maruti car may be equivalent to 10 two- wheelers.
Thus one of the disadvantages of the barter system is that any commodity or service has a series of exchange values.
ADVERTISEMENTS: Money is the measuring rod of everything.
By acting as a common denominator it permits everything to be priced, that is, valued in terms of money.
Thus, people are enabled to com­pare different prices and thus see the relative values of different goods and services.
This serves two basic purposes: 1 Households consumers can plan their expenditure and 2 Business people can keep records of in­come and costs in order to work out their profit and loss figures.
A Store of Value Purchasing Power : ADVERTISEMENTS: A major disadvantage of using commodities — such as wheat or salt or even animals like horses or cows — as money is that after a time they deteriorate and lose economic value.
They are, thus, not at all satisfactory as a means of storing wealth.
To realise the problems of saving in a barter economy let us consider a farmer.
He wanted to save some wheat each week for future consumption.
Again, if a coal miner wanted to set aside a certain amount of coal money characteristics and functions week for the same purpose, he would have problems of finding enough storage space for all his coal.
By using money, such problems can be overcome and people are able to save for the future.
Modern form of money such as coins, money characteristics and functions and bank deposits permit people to save their surplus income.
Thus money is used as a store of purchasing power.
It can be held over a period of time and used to finance future payments.
More­over, when people save money, they get the assurance that the money saved will have value when they wish to spend it in the future.
However, this statement holds only money characteristics and functions there is no severe inflation or deflation in the country.
In other words, it is quite obvious that money can only act effectively as a store of value if its own value is stable.
If, for example, most people feel that their savings would become worthless very soon, they would spend them at once and save nothing.
For the last few years the value or the purchasing power of money has been falling in India.
Yet in the short run—for day-to-day purposes—money has sufficient stability of value to serve quite well as a store of value.
The Basis of Credit: Money facilitates loans.
Borrowers can use money to obtain goods and services when they are needed most.
A newly married couple, for example, would need a lot of money to completely furnish a house at once.
They are not required money characteristics and functions wait for, say ten years, so as to be able to save enough money to buy costly items like cars, refrigerators, T.
A Unit of Account: An attribute of money is that it is used as money characteristics and functions 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.
Hicks, gross national read article is a collection of goods and services reduced to a common basis by being measured in terms of money.
A Standard of Postponed Payment: This is an extension of the first function.
Here again money is used as a medium of exchange, but this time the payment is spread over a period of time.
Thus, when goods are bought on hire-purchase, they are given to the buyer upon payment of a deposit, and he then pays the remaining amount in a number of installments.
Under the barter system this type of tran­saction could involve problems.
Imagine a farmer buying a video-recorder and agreeing to pay for it in terms of a fixed amount of wheat each week for a certain number read article weeks.
After a few weeks the seller of the video recorder might have more than enough wheat.
Yet he continue reading have to receive more wheat in the coming weeks.
If money had been used, the seller could then use it to buy whatever he wanted, whether it is wheat or something else—now or in future.
In other words, the use of money permits postponement of spending from the present to some future occasion.
ADVERTISEMENTS: In a modern economy, most transactions buying and selling are made on the basis of credit.
For example, it is possible to purchase consumer durables such as T.
Thus, the use of money permits the members of society to defer their spending from the present to some future date.
We, therefore, see that a money system clearly has advantages over a barter system.
But what is money?
If all sellers decided that they would no longer accept these notes and coins, then these would cease to be money.
If they decided instead to accept chair legs as money, then we would have to use chair legs which we would have to use when buying something!
This example, of course, is rather ridiculous but what it points out is that anything can be money as long as it is generally acceptable as such.
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Functions of Money and Characteristics of Money


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Money is an item which is generally acceptable as a means of payment. There are various Characteristics and Functions of money like...


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