Explain the characteristics of money
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Money is defined as anything widely accepted as final payment for goods and services. ... In order for money to function well as a medium of exchange, store of value, or unit of account, it must possess six characteristics: divisible, portable, acceptable, scarce, durable, and stable in value.
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The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. These are all critical characteristics of money. ... Durability of money is such that it can be used over and over again; hence it must survive wear and tear for long periods.
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