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Home / Doubts and Solutions/ICSE/Class 10/Economics

What are the two primary functions of money? Give the meaning of each.

Asked by Topperlearning User 24th April 2015, 7:31 AM
Answered by Expert
Answer:

Medium of exchange and measure of value are the two primary functions of money.

  1. Money acts as a medium of exchange. The major function of money is to facilitate the process of exchange by removing the defects of the barter system.
  2. Money is the measure of value. It is the monetary expression of the market value of goods and services.
Answered by Expert 24th April 2015, 9:31 AM
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