Question

Why transaction are made in money? Explain with example.



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Answer 1

Answer:

Everyone prefers to receive payments in money and then exchange themoney for things they want. ... Thetransactions are made in money because a person holding money can easily exchange it for any commodity or service that he or she 

Explanation:

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Answer 2

(i) A person holding money can easily exchange it for any commodity or service that he or she might want.

(ii) Thus, everyone prefers to receive payments in money and then exchange the money for things that they want.

(iii) Take the case of a shoe manufacturer. He wants to sell shoe in the market and buy wheat. The shoe manufacturer will first exchange shoe that he has produced for money, and then exchange the money for wheat.

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