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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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explain this statement in details " money is a difficult concept to define, partly because it fufill several function and partly because of other liquid asset that can serve as substitute for money" explain

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Introduction

Money is a commodity that serves as a medium of trade and a store of value, according to economic definitions. Money can be defined as any item that is widely accepted by the general public as a means of exchanging goods and services. Money is expressed in the form of coins and banknotes. It helps to prevent the problem of double coincidence of wants, which used to be a problem in the barter system of commerce, in which products and services were exchanged for other goods and services.

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