1.

Meaning and Functions of Money.

Answer»

Meaning of Money: Money is that which performs the functions of money as a medium of exchange.

Definitions of Money:

  • Marshall: Money is that medium which is used as a means of exchange without any doubt or investigation regardless of time or place.
  • Robertson: What is accepted universally in exchange of goods or services.

Functions of Money:

  • As a medium of exchange,
  • As a store value
  • As a measure of value and
  • As a standard of defferred payment.

Types of Money:

  • Commodity money,
  • Animals money
  • Metal money
  • Paper money
  • Bank money and
  • Plastic money (Credit card, Debit card).


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