Question

Define money. Explain the various phases of development of currency. [1+ 3 = 4]

Answer 1

Answer:

There are five stages of evolution – Commodity Money(Goods), Metallic Money(Coins), Paper Money(Bank Notes), Credit Money(Cheques & DDs) and Plastic Money(Credit & Debit Cards). “Fulfilment of basic needs are done through money!” Money is a common thing used in exchange for purchasing goods and services.

Answer 2

Answer:

can be defined as anything that people use to buy goods and services. Money is what many people receive for selling their own things or services. There are many kinds of money in the world. Most countries have their own kind of money, such as the United States dollar or the British pound.