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Money and Banking

  • R. Young
Chapter
Part of the Macmillan Work Out Series book series (MCWO)

Abstract

Money is something which people generally accept in exchange for a good or a service. Money performs four main functions:
  1. (i)

    a medium of exchange for buying goods and services;

     
  2. (ii)

    a unit of account for placing a value on goods and services;

     
  3. (iii)

    a store of value when saving;

     
  4. (iv)

    a standard for deferred payment when calculating loans.

     

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Copyright information

© R. Young 1987

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  • R. Young

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