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Question
''The use of money spans a very large part of our everyday life." Support the statement with example.
Solution
The use of money spans a very large part of our everyday life. and the following examples support it.
- Our lives now cannot function without money. It is used to purchase necessities like food, dairy products, clothing, and other things.
- The services we use are purchased with money. For instance, the pay for a doctor, teacher, or watchman.
- Money is also used for lending purposes, such as loans. Additionally, it is frequently used in locations where there may not be a real money transfer. taking place now with a commitment to make a payment later.
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RELATED QUESTIONS
Name the system in which the double coincidence of wants is an essential feature.
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Rahul has a sack of cotton but he is in need of wheat and Anush has a sack of wheat and is in need of cotton, under this situation both will be able to exchange their goods. In case of absence of such coincidence of wants, they may not exchange their goods.
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