"Money is common unit of measurement of goods and services" explain
Answers
Explanation:
Money is the most liquid asset (Liquidity measures how easily assets can be spent to buy goods and services). Answer:we know that all economic goods have price . ... Thus, it has been rightly said that "money is the common unit of mesurement of the value of goods and services
Answer:
Money basically constitutes the main or common medium or unit of estimation of the market value of any good or service and hence,accepted as a common mode of payment in almost every commercial transaction all across the world.
Explanation:
Market value of goods or services in commercial markets is reflected by the market price of the respective goods and services which is practically converted into money value of those goods and services.
One of the main functions of money is perceived as the common unit of standard of exchange in any commercial transaction to avoid any confusion regarding the standard market value of goods and services.
Money as a common medium of exchange also enhances the convenience of commercial exchange of goods and services as it is widely used as a common parameter to measure the market value of any good or service,unlike barter system in the ancient time.