Question

Explain the role of currency in economy.

Answer 1

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Answer 2

The role of currency in economy:

• Currency has an important role to play in the economy. It is the value of money which is used for buying goods and services.  

• The amount of currency helps an individual to decide what the people want to buy and in what quantity.

• Every individual has limited currency in the form of money in the economy. Currency helps with the process of production, distribution, and exchange of goods.  

• Every economy is dependent on the transactions in the market and the profits earned by the companies and the wages or income earned by the employees.