wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

Differentiate between Standard money and Bank money.

Open in App
Solution

1:Standard money is a monetary unit which is designated by a government to serve as the basis of its currency system and into which other types of money in the country are convertible — compare the standard of value.
2: Bank Money can be defined as anything that acts as a medium of exchange, store of value, and unit of accounting to facilitate economic activities and transactions. E.g. Currency – paper notes and coins, Demand Deposits, Bankers Cheque.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Characteristics of Money
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon