How is money used in everyday life?explain with examples
Answers
Answer:
Money, is the most accepted medium of exchange for carrying out almost all the transactions such as buying and selling of any goods and services.
It is used in "obtaining the basic necessities" such as "food, clothing, and shelter". It is also important in "obtaining services" such as "education, transportation. healthcare services, sanitation and entertainment". Hence, money forms the basis of economy and has huge significance in the smooth functioning and growth of the economy.
Money is used in everyday’s life in many ways, the entire human race depends entirely on money. We buy food, medicines, transportation everything with money.
Even if we are hospitalized with some illness we need to pay the bills with money in our hand. Our communication aids such as computers, mobile phones, etc., have bills generated which has to be settled with money.
Basic amenities such as electricity, food and shelter are bought using money.