Why are transactions made of money?explain with an example
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Everyone prefers to receive payments in money and then exchange the money for things they want. For example, take the case of a blacksmith. He wants to sell tools in the market and buy rice. The blacksmith will first exchange tools that he has produced for money and then exchange the money for rice.
The transactions are made in money because a person holding money can easily exchange it for any commodity or service that he or she wants
The transactions are made in money because a person holding money can easily exchange it for any commodity or service that he or she wants
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