What is general acceptability of money?
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The general acceptability of money means that most business and individuals will accept money in exchange for goods and services.
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There are many features of money. One of them is its general acceptability. It means that money is easily acceptable by everyone without any hesitation for exchange.
- Money refers to a common medium of exchange that is issued under the law of government.
- It acts as a legal tender for the whole country.
- The quality of good money is that it is accepted by all the citizens of that country.
- Therefore, it is very important that the money in an economy must have general acceptability.
General Acceptability of the money: It is the most important and conceptual feature of money. People accept money in payment for goods or services because they are confident that others will accept it (i.e. money) from whom they wish to buy goods or services.
Other features of money include divisibility, durability, portability, homogeneity, recognizability etc.
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