What is Money❓ You might be surprised that most people cannot answer this simple question❗ Why❓ Because what we think is "money" has changed over time without many of us realizing it❗ Answer: What is money and its functions? Money is often defined in terms of the three functions or services that it provides. 1 - Money serves as a medium of exchange, 2 - as a store of value, and 3 - as a unit of account. The medium of exchange - Money's most important function is as a medium of exchange to facilitate transactions. - Functions of Money - CliffsNotes https://www.cliffsnotes.com/study-guides/economics/money-and-banking/functions-of-money What are the 4 types of money? In a Nutshell. The four most relevant types of money are 1 - commodity money, 2 - fiat money, 3 - fiduciary money, and 4 - commercial bank money. Commodity money relies on intrinsically valuable commodities that act as a medium of exchange. Fiat money, on the oth...
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