Abstract
Money is something which people generally accept in exchange for a good or a service. Money performs four main functions:
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(i)
a medium of exchange for buying goods and services;
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(ii)
a unit of account for placing a value on goods and services;
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(iii)
a store of value when saving;
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(iv)
a standard for deferred payment when calculating loans.
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© 1987 R. Young
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Young, R. (1987). Money and Banking. In: Work Out Economics GCSE. Macmillan Work Out Series. Palgrave, London. https://doi.org/10.1007/978-1-349-09348-9_12
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DOI: https://doi.org/10.1007/978-1-349-09348-9_12
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-43665-3
Online ISBN: 978-1-349-09348-9
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)