Money is in the form of a coins and banknotes. This is very useful for daily life.Watch Money Video to learn more.
Money supply anything that is generally accepted in payment for goods or services or in the repayment of debts; a stock concept. Money supply is the total amount of money available in the economy. (stock)
Wealth—the total collection of pieces of property that serve to store value (stock)
Income—flow of earnings per unit of time (flow).
Medium of Exchange—promotes economic efficiency by minimizing the time spent in exchanging goods and services. Facilitates specialization and division of labor. A good medium of exchange must be easily standardized,must be widely accepted,must be divisible, must be easy to carry, must not deteriorate quickly.
Money versus Barter
Without money, the only way to do business is by bartering. Money facilitates exchange by reducing the cost of trading.
Without money, we would have to barter.
Useful for CBSE, ICSE, NCERT & International Students
Grade : 1
Subject : Maths
Lesson : Money
Topic: Money Video
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