Money is what money does. Explain this statement Mon
Answers
Explanation:
According to Prof. Walker, ‘Money is as money does.’
This means that the term money should be used to include anything which performs the functions of money, viz., medium of exchange, measure of value, unit of account, etc. Since general acceptability is the fundamental characteristic of money, therefore, money may be defined as ‘anything which is generally acceptable by the people in exchange of goods and services or in repayment of debt
We are required to explain the statement that is provided to us in the form of the question. The explanation of the sentence will be as under:
- FA Walker made this statement about money and also gave a definition of money.
- According to him, money is represented by its own functions.
- Money may be earned by various methods.
- Money may be used in transactions.
- Money may be kept in the bank.
- Money may be a unit of accounts.
- Money may be notes coins or held in any valuable forms.
- Money is a very valuable currency and it is worth the amount that is mentioned in it.
- For example: If on a note ten rupees are mentioned that the value of that note is up to ten rupees.
PROJECT CODE: #SPJ3
1. For questions like 'What is money multiplier' please refer to:
https://brainly.in/textbook-solutions/q-8-money-multiplier-determines-value-multiplier
2. For questions like ' What is money? Why is modern money accepted as a mode of exchange' please refer to:
https://brainly.in/question/5682249