what is a role of a money in economic development of a nation
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Answer:
Money plays an important role in the life of every citizen and in the economic system as a whole. Money removed the difficulties of barter: 1) By serving as a medium of exchange, money removes the need for double coincidence of wants and the inconveniences and difficulties associated with barter.
Money plays an important role in the life of every citizen and in the economic system as a whole. Money removed the difficulties of barter: 1) By serving as a medium of exchange, money removes the need for double coincidence of wants and the inconveniences and difficulties associated with barter
To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Modern economies use fiat money-money that is neither a commodity nor represented or "backed" by a commodity.
Money serves several functions: a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.
There is an economic role, such as provide for national defense, address environment concerns, protect property rights, and make market more competitive, for government in a market economy whenever the benefits of a government policy outweigh its costs