Explain primary, secondary and contingent functions of money
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Answer:
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.
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"Money has various functions and here we will explain each one of them separately.
Primary functions of the money:
Money can be used a medium of exchange like you can give someone money and take some articles or products in return.
Secondary Functions:
Standard of deferred payments and store of value
Contingent functions:
Money can be use for distribution of national income and productivity of capital
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