Question

7. According to Crowther," _______
can be defined as anything that is generally
accepted as a means of exchange and at the same time acts as a measure and as a store of
value."​

Answer 1

Answer:

The correct answer is Money.

Answer 2

Money can be defined as anything that is generally accepted as a means of exchange and at the same time acts as a measure and as a store of value.

Explanation:

Money is anything that is generally accepted as a means of exchange, while simultaneously serving as a metric and a store of value as by Crowther. In a modern economy money performs important functions which Kinley has identified as follows:

• Primary functions like the medium of exchange and value measurement are also called fundamental and original functions.
• Secondary functions such as the deferral payment norm, value storage, and value transfer.
• Contingent functions such as earnings distribution, estimation and value maximization, etc.