Question

Difference between Primary function of money and Secondary function of money(6 pionts)​

Answer 1

primary functions: 1. Primary functions of money are those functions for which it was developed

2. Primary functions of money are the medium of exchange

3. Those function solve the problem of double coincidence of wants

4. It leads to increase in trade operations in the society

Secondary function: 1. Secondary function are those functions of money that money performs besides its primary functions

2. Secondary function of money are standard of deferred payment

3. Those function solve the problem rated to borrowing and lends

4. it leads to increase in credit creation