Question

Money and credit project body

Answer 1

Thank you for this question. Please find the answer below: 

In order to make a project on money and credit, you must follow the following steps: 

(i) Definitions: 

   ∞ Money: Money is any item or electronic record used to buy goods and                        services. 

   ∞ Credit: Credit is any form of electronic or deferred payment. 

(ii) Importance: 

    ∞ Money:  i. It is an important part of our lives because it is the only way                             to purchase goods. 

                     ii. It is a legal tender money and accepted by all. 

                     iii. It is a reward gained by employment. 

     ∞ Credit: i. It is a easy form of transaction. 

                    ii. It is eco-friendly. 

                    iii. It is based on the level of trust. 

                    iv. It is a modern form of money transactions. 

(iii) Conclusions: 

It is important to compare and contrast both the terms; 

Money is the main source of the economic system, while credit is a form of money which has been adapted by everyone in the modern era. 

Answer 2

Money means anything chosen by a common consent as a medium of exchange.

 Credit refers to the activity of borrowing and lending money between two parties.

Credit money is the money whose value is greater than the commodity value of the material from which the money is made is known as credit money.