Money is a fascinating and essential part of our daily lives. Let’s break down the basics:
What is Money?
Money is a medium of exchange that allows people to trade goods and services efficiently. It serves three main purposes:
- Medium of Exchange: It facilitates transactions.
- Store of Value: It can be saved and retrieved in the future.
- Unit of Account: It provides a standard measure of value.
Different Forms of Money
- Coins: These are small, stamped pieces of metal, typically made from alloys. Coins are durable and portable, making them a convenient form of money.
- Bills: Also known as paper money, bills are printed on a blend of paper and cotton. They are lightweight and easy to carry.
- Digital Money: This includes electronic forms of money such as bank balances, online payment systems, and cryptocurrencies. Digital money is convenient for online transactions and can be transferred instantly
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