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What Is Money and What Important Function Does It Perform

question 37

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What is money and what important function does it perform? Explain how it overcomes the disadvantages associated with barter.What conditions are necessary for people to accept paper currency in exchange for the goods and services, which they sell?


Definitions:

Psychographics

The study and classification of people according to their attitudes, aspirations, and other psychological criteria, especially in market research.

Psychological Characteristics

Traits or features of an individual's mental and emotional makeup, such as personality, attitudes, and motivations.

Demographics

Statistical data relating to the population and particular groups within it, used for marketing, policy-making, and social research purposes.

Education

The process of acquiring knowledge, skills, values, beliefs, and habits through various means such as teaching, training, storytelling, discussion, and directed research.

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