Money plays a vital part in our economy. It helps us exchange goods and services between individuals, bestaustraliancasinosites casino businesses, countries and even continents. The history of money goes back thousands of years, but its true purpose was never fully understood until relatively recently. Let’s see below the functions of money.
An economic tool
it allows you to reduce risk-taking by trading assets for other things that can help you make gains. For example: if I have an apple tree and I sell apples, I will get less than I would have without selling them (I could just eat my apples). But if I use money instead of doing this trade, I can reduce my risk-taking because I’m not willing to lose everything (and maybe more) to have an apple. In another word, I’ll be able to lower my risk-taking level.
A store of value
money is useful to save yourself from inflation (an increase in prices over time), which means being able to keep your purchasing power stable over time. So when your friend sends you $100 in 10 years, you can still buy the same amount of groceries he owns today with the money you received.
Medium of payment
one of the most important functions of money is as a medium of exchange; this means that it serves as a way to pay for goods and services. This is why economists talk about how much currency should be issued relative to the size of the nation’s economy or how many dollars are created. They also talk about whether there is “too much” or “not enough” currency circulating based on the performance of the national income. If a country has too few dollars, this might cause problems like unemployment etc.
In conclusion, we can say that the function of money is to serve as a unit of account, store of value and medium of payment. Do not forget to research usa online casino payment options.
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