What are the three main characteristics and uses of money??
The three main characteristics and uses of money are:
1. Medium of exchange: Money serves as a convenient medium of exchange for goods and services. It eliminates the need for barter and simplifies transactions by providing a standardized unit of value that can be easily traded for various goods and services.
2. Unit of account: Money provides a common measure of value that allows individuals to easily compare the prices of different goods and services. By using money as a unit of account, businesses and consumers can make informed decisions about their spending and budgeting.
3. Store of value: Money serves as a store of value, allowing individuals to save and accumulate wealth over time. By holding money in the form of cash, bank deposits, or other financial assets, individuals can preserve the value of their wealth and use it for future purchases or investments.