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Money plays a crucial role in the functioning of modern society. It is an essential tool for all economic and financial transactions. Let's say that in buying goods and services, investing in real estate, and paying taxes, money serves as the medium of exchange. We will be looking at money and how it functions in old and modern day-to-day lives.

There are 3 main functions of money:

1.  Medium of Exchange: It is accepted as payment for goods and services and can be used to settle debts. This eliminates the inefficiencies of barter systems, where goods have to be exchanged directly for other goods. With money as a medium, both parties to a transaction can easily exchange goods and services without the need for a double coincidence of wants.

2.  Unit of Account: Money is used as a common measure of the value of goods and services. This means that money acts as a yardstick for measuring the worth of different goods and services. Without a common unit of account, it would be challenging to compare the value of different goods and services and make informed economic decisions.

3.  Store of Value: By allowing individuals to save their wealth for the future, it acts as a store of value. Unlike perishable goods, money can be stored over an extended period, as it does not lose its value over time.

There are other functions of money, however, my interest is limited to the 3 main ones.

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https://youtu.be/cgzNFNTGNng?feature=shared

This video teaches the functions of money as the medium of exchange - a legal tender that can be used to exchange goods and services, the unit of account - can be used to calculate and record transactions made, a store of value - it could be stored, saved, and preserved for future use, and a standard of deferred payment - issued to deferred payment.

The teaching was very explicit and easy to comprehend, that attracted my interest.

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He teaches about the 4 functions of money: the medium means something that people use as an exchange component, it can be recorded as an account statement, stored to make use of at any time in the future, used to pay for goods and services ahead of time.

The great demonstration using life's exemplary experience in drawing, sketches, and images piqued my interest.

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Functions of money | Financial sector | AP Macroeconomics | Khan Academy

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Money is produced as a symbol of a nation; however, these symbols may represent the culture, religion, occupation, or faces of people to immortalize them. Great people's faces on Canadian currency, newcomers and tourists will desire to know those faces and their achievements.

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Here's what money does—and how we’re handling it in the digital age. Understanding money in the 21st century. The emergence of money abolishes the challenges faced in trade by the barter system, which forms a unit form of payment for goods and services. It forms a medium of exchange without language, cultural, religious, or educational barriers or status.

I chose this website because of its clear and explicit explanation of the functions of money.

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Here’s what money does—and how we’re handling it in the digital age.

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Money plays an important role, and it is vital to know what money can do beyond commodity purchases. It comes in different forms: coins and notes and its functions remain the same irrespective of their forms. Their value does not depend on its quality.

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Understanding the meaning, role, and effect of money in day-to-day human transactions. The video is self-explanatory, with an analytical demonstration, detailed comparison, and explicit. It emphasizes money and how it has helped to overcome the shortfalls of the barter system by becoming a tool that allows for the comparison of the value of commodities.

I chose this video because it is short, resourceful, and self-explanatory.

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Old and new: a detailed class teaching about money and its functions, the effects of money in modern-day transactions, and living, money-income-wealth differences. What made the note worth it? What determines the value, quality, and recognition it can receive within and internationally?

I chose this video because is an interactive class teaching and it covers a wide range of information regarding money.

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Money and Banking: Lecture 2 - Functions of Money 1

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The role of money in Canadian day-to-day living and her economic growth can not be overemphasized. Before the advent of money, the barter system was a means of transaction and was later faced with challenges as population and migration into Canada continued to increase. Different money functions were highlighted, including the effects on the growth of Canadian economy, which include peoples spending pattern, government and taxes, saving and investment, job creation and wages, etc.

I am delighted with this website because of its simplicity of thought and expression.

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Before currency existed in Canada, people relied on a barter system to get what they needed in exchange for the goods and services offered by another. Many of Canada's indigenous groups had well-established barter systems, so effective that European settlers adopted the bartering approach when they first arrived. However, as the population of Canada began to grow, and trade expanded, a new system was needed, and the Canadian Dollar was adopted in 1858. Money now acts as a store of value to facilitate the daily transactions Canadians make to obtain the items they want or need. Without money, securing goods and services would be tougher.

Money serves three main functions:

Store of value: Money is considered a "store of value." It can be tucked away or placed into savings and holds value when it's withdrawn and exchanged for goods or services. Store of value is an important function, as it helps facilitate trade today and in the future.

Medium of exchange: As a medium of exchange, money acts as an intermediary between what one person has and what another person wants. The barter system has limitations as it requires the perfect alignment of two people, each wanting what the other person has to offer simultaneously. With money as the medium of exchange, daily transactions are completed with greater ease and simplicity.

Unit of accounting: Because money is used as a medium of exchange for goods and services, it has the ability to track the current price of goods and services over time. For example, in inflationary times, the loaf of bread an individual once purchased for two dollars may now cost three dollars. The toonie is still just a toonie, but how much it can purchase has declined, and the new market value - the unit of accounting - for that loaf of bread is easily understood.

How does money impact the economy?

Jobs and wages:Most Canadians receive money their job in the form of income. The money they receive is then spent on essential items such as housing, healthcare and food, as well as on non-essential goods and services as they desire. Every time a dollar changes hands, whether to buy a home, groceries or a vacation, it impacts the economy. It supports and provides money for other individuals and businesses. The flow of cash is one element helping drive the economy.

Savings and investments: As Canadians receive their pay and their essential expenses have been covered, money remaining is often kept in the bank or invested in businesses through the stock market. Investing and saving can help an individual's money grow, but also can help companies grow and expand through investment.

Spending patterns: As individuals accumulate more money through earnings or savings, their purchasing power increases. This allows greater freedom and choice. Individuals tend to borrow more when low interest rates increase their purchasing power. This can impact consumption patterns, which then impacts manufacturing sectors.

Government and taxes: The government collects money through various sources such as income taxes on individual's wages earned and goods and services, to name a few. Taxes are an important source of revenue for the Canadian government. They are used to provide Canadians with services such as healthcare, education, and basic infrastructure such as highways and maintaining safety and order within the communities.

While the barter system was once an effective method to enable trade between parties, which laid the foundation for commerce in Canada, money is now the prevailing medium of exchange for commerce in the modern world. Share This Article

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What Is Money and How Does It Drive the Economy?

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Money is more than just the coins and bills tucked neatly in your wallet. What is money really?

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It is not the notes or coins that matter in money, but their general acceptance as legal tender is what makes it easier to use in transactions. More so, as a medium of payment, money makes it easier for people to pay for goods and services, wages, or prepared or postpaid orders conveniently. Money has broken barriers of language, religion, culture, and place, thereby aiding transactions and exchanges easily.

I like this website because it explains money and its functions so clearly to everyone's understanding.

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Money has taken many forms through the ages: shells, wheels, beads, and even cows, and no matter the form, it maintains certain functions. As a medium of exchange, a unit of account, and a store of value, we have been able to overcome certain restrictions faced by the barter system in the early days of human life. Modern money has continued to make transactions of goods and services so convenient for humans and their environment.

I chose this website because of its simple and detailed explanation for wide comprehension, good picture images, and short writeup.

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Money performs four main functions in today's society. It mainly serves as a medium of exchange, a standard of deferred payment, a store of wealth, and a

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I have been able to learn what money is, the forms of money, what makes money unique, and the powers and functions of money.

My vacation back home was made easier through different functions of money, I was able to buy my ticket in $ US using my $ CAD money and make purchases in European countries using my $ CAD money. It was able to convert $CAD to Naira in my country and I can save my $CAD in my country's domiciliary account.

Therefore, money is the best asset to pass on to my children because it is mobile, liquid, durable, convertible, appreciated over time, and stored. The legality behind money gave it the powers it possessed.