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What is money? List and explain the three characteristics of money.

What is money? List and explain the three characteristics of money.

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Answer #1

In simple words we can say that money is a medium of exchange for goods and services recieved

It is generally having four forms

M1,M2,M3,M4

It makes things easier for buying and selling purposes.

It is genreally having three cahracteristics-

1.Medium of exchange- as mentioned above it is worldwide accepted method for doing trade nad further businss activities in the most efficient way.

2.It is an economic good which means it is scarce in nature and having opportunitu cost .So it must be utilizedin the best profitable way

3.It is used in economic calculation like gdp per capita,GDP etc and helps in telling most accurate forecasted values

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