Meaning and Functions of Money

Barter is a system of exchange

Barter is a system of exchange in which goods and services are exchanged directly for other goods and services. It is also called C-C economy, where C

The barter system has five main

The barter system has five main difficulties: lack of double coincidence of wants, lack of common measure of value, lack of divisibility, problem of s

Money developed in five stages

Money developed in five stages: animal money, commodity money, metallic money, paper money, and bank money.

Money is anything generally accepted as

Money is anything generally accepted as a medium of exchange. It is also used to measure value and store value.

Crowther defined money as anything generally

Crowther defined money as anything generally acceptable as a medium of exchange and also acting as a measure and store of value. D.H. Robertson define