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Question
What are the basic characteristics of money?
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Solution
Money refers
to a common medium of exchange that is issued under the law of government and
acts as a legal tender for the whole country. The various characteristics of money are
1. Common medium of exchange
2. Store of value
3. Common measure unit
4. Serve as the standard of deferred payments
6. It is in both tangible as well as intangible form
Money refers to a common medium of exchange that is issued under the law of government and acts as a legal tender for the whole country. The various characteristics of money are
1. Common medium of exchange
2. Store of value
3. Common measure unit
4. Serve as the standard of deferred payments
6. It is in both tangible as well as intangible form
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