Give functional definition of money.
Functional definition of money. It is defined in terms of its functions. Accordingly money is that which money does. It is based on the four functions of money already discussed. Broadly anything which is generally accepted in payment of debt and as payment of goods and services should be included in money supply. Alternatively if a good is generally acceptable in payment and generally used as medium of payments, it should be treated as money no matter what its legal status is.
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