Society generally accept money as a means of exchange and payment. You use it to exchange and acquire goods and services. In addition, it is a measure of value and price as well as a unit of account. You can use it to evaluate and compare goods and services. Money serves as a means of transferring value because it is a means of exchange and a store of value.
Functions of money in the modern economy
- General means of exchange and payment
- Value meter and unit of account
- Store of value
- Means of transfer of value
As a general medium of exchange and payment, you use money to exchange goods and services.
