➡️ Money is a medium of exchange that is used to facilitate transactions between buyers and sellers. It is a store of value and a unit of account, meaning it can be used to measure the value of goods and services.
➡️ Money has three main functions: it serves as a medium of exchange, a unit of account, and a store of value. It is accepted as a medium of exchange because it is widely accepted and can be used to purchase goods and services. It is a unit of account because it is used to measure the value of goods and services. Finally, it is a store of value because it can be saved and used in the future to purchase goods and services.
➡️ Money has several characteristics, including portability, divisibility, durability, acceptability, and limited supply. It is portable because it can be easily transported and exchanged. It is divisible because it can be divided into smaller units. It is durable because it can withstand wear and tear. It is acceptable because it is widely accepted as a medium of exchange. Finally, it has a limited supply, meaning that its value is determined by the amount of money in circulation.