Explain the functions of money.
Functions of Money are explained below:
(A)Primary Functions:
(i) Medium of Exchange, (ii) Measure of Value.
(B)Secondary Functions:
(i) Store of Value
(ii)Standard for Deferred Payments
(iii)Transfer of Value
'Cheap and affordable credit is crucial for the development'. Explain.
Why do we need to expand formal sources of credit in India?
Why is money accepted as a medium of exchange in India?
Answer the questions asked below:
(i)Why are transactions are made in money?
(ii)Why is money is called a medium of exchange?
(iii)What is the most significant feature of the barter system?
