Question

name the primary function of money​

Answer 1

Answer:

medium of exchange is the name of the primary function of money

Answer 2

Answer:

Primary Functions include the most important functions of money, which it must perform in every country,These are:

(i) Medium of Exchange:

Money, as a medium of exchange, means that it can be used to make payments for all transactions of goods and services. It is the most essential function of money. Money has the quality of general acceptability So, all exchanges take place in terms of money.

1. This function has removed the major difficulty of lack of double coincidence of wants and inconveniences associated with the barter system.

2. Use of money allows purchase and sale to be conducted independently of one another.3. This function of money facilitates trade and helps in conducting transactions in an economy.

4. Money has no power to satisfy human wants, but it commands power to purchase those things, which have utility to satisfy human wants.

For, “How does money separate the acts of sale and purchase”, refer HOTS

Explanation:

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