How does Robertson define money?
Definition of Money – Professor D.H. Robertson defines money as “anything which is widely accepted in payment for goods or in discharge of other forms of business obligations.”
How do economists define money?
Economists, however, have a language all their own when it comes to money. They define it as something that serves as a medium of exchange, a unit of accounting, and a store of value. Money is a medium of exchange in the sense that we all agree to accept it in making transactions.
What is the actual meaning of money?
1 : something (such as coins or bills) used to buy goods and services and to pay people for their work. 2 : a person’s wealth. money.
What are the 3 different types of money?
Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money. Commodity money derives its value from the commodity of which it is made, while fiat money has value only by the order of the government.
What is the evaluation of money?
In the context of program evaluations, Value for Money (VfM) is a term used to describe a systematic process of understanding whether an investment (of money, time or other resources) in an intervention represents good value.
What is money and evolution of money introduction?
The introduction of money as a medium of medium of exchange was one of the greatest inventions of mankind. Before money was invented, exchange took place by barter, that is, commodities and services were directly exchanged for commodities and services.
Which is the best definition of the meaning of money?
Crowther’s definition of money is considered better as it takes into account all the important functions of money. He defines money as “anything that is generally acceptable as a means of exchange (i.e., as a means of setting debts) and at the same lime, acts as a measure and a store of value.”
How is money used as a means of exchange?
“Money is anything that is generally accepted as means of exchange (i.e., as means of settling debts) and that at the same time, act as a measure and as a store of value.” The definition is self-explanatory and it covers all the aspects.
What are the functions of money in the modern economy?
Money is a matter of functions four, a medium, a measure, a standard, a store. Money in a modern economy performs important functions which have been classified by Kinley as follows: (a) Primary functions also called fundamental and original functions like the medium of exchange and measure of value.
Who are some of the economists who define money?
Money has been defined differently by different economists. Some, like F.A. Walker, define it in terms of its functions, while others like G.D.H. Cole, J.M. Keynes, Seligman and D.H. Robertson lay stress on the ‘general acceptability’ aspect of money.