________ is an asset which serves as a unit of value, medium of exchange, standard of deferred payment and store of value.

Money

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

Currency

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Monetary unit

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Rupee

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A Money
Money refers to an asset in the economy that acts as a common medium of exchange issued under the law of government and acts as a legal tender for the whole country. The money possess that following characteristics

1. Common medium of exchange

2. Store of value

3. Common measure unit

4. Serve as the standard of deferred payments

Suggest Corrections

Similar questions

As a standard of deferred payment, money:

Reena a bought a house. While valuing her house, her grandmother valued it in terms of buffalo and carts.

What is the problem that is being faced in the valuation process?

(a) Lack of double coincidence of wants

(b) Lack of store of value

(d) Lack of standard for deferred payment

Explain how money is a better substitute to barter system as a standard of deferred payments?

Join BYJU'S Learning Program