Question

define money.explain the primary and secondary function of money​

Answer 1

Answer:

Money:

Money, a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.

Primary functions are known as original functions. They are medium exchange and measure of value. Secondary functions include standard of deferred payments, store of value and transfer of value. Contingent functions cover distribution of income, measurement and maximisation of utility.

Primary Functions (Main or Basic Functions) 2. Secondary Functions (Subsidiary or Derivative Functions).