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Question
Define money.
Solution 1
Crowther defined money as ‘anything that is generally accepted as a means of exchange and at the same time acts as measure and store of value’.
Solution 2
Many economists developed definitions for money. Among these, definitions of Walker and Crowther are given below: “Money is, what money does” – Walker. “Money can be anything that is generally accepted as a means of exchange and at the same time acts as a measure and a store of value” – Crowther. Money is anything that is generally accepted as payment for goods and services and repayment of debts and that serves as a medium of exchange. A medium of exchange is anything that is widely accepted as a means of payment.
Notes
Student can refer to the provided solution based on their prefer marks.
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