'money had made trangaction easy' justify
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Explanation
Money has made transactions easy because:
It can be easily exchanged with any commodity or service. It solves the problem of double coincidence of wants. It is the perfect store of value. It makes economic activities quite independent from each other.
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- It solves the problem of double coincidence of wants by acting as a medium of exchange.
- Double coincidence of wants implies a situation where two parties agree to sell and buy each other’s commodities, i.e. what one party desires to sell is exactly what die other party wishes to buy.
- Money does away this tedious and complex situation by acting as a medium of exchange that can be used for all commodities.
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