So, here is how to become a successful blogger and make money in Nigeria or any other part of the world: Be a better blogger –Money should be storable without any fall in value. This quality of money will encourage savings and investment. The essential quality of good money is that it should be acceptable to all, without any hesitation in the exchange for goods and services. It should be commonly acceptable for the sale and purchase of goods and services. Stability of Value! What are the characteristics of money or the qualities of good money? PROTECT YOURSELF, and do it NOW! The value of a material, which is used to measure the value of all the other materials, must be stable. Explain the characteristics required by money if it is to carry out its functions effectively. Money is a liquid asset used in the settlement of transactions. New York, Pageant Press [1956] (DLC) 56008704 (OCoLC)1154146: Material Type: Document, Internet resource: Document Type: Internet Resource, Computer File: All Authors / Contributors: Arthur Kemp It is possible only if it contains huge value in small bulk. NOTE : Anything that is generally acceptable as a means of exchange for goods and services bought is money. Paper money possesses this quality. It should not lose its value with the passage of time. Characteristics of Money What qualities a commodity must have to become used as money 2. In order for something to qualify as good money, then it should have the above qualities. Portability: Money must be portable. The main quality of good money is its general acceptability. Money is often in the forms of coins and paper. . If too much of money is available people will not create a value for money as everyone holds money in hand. In simple terms, money refers to the currency that consists of notes and coins. Share Your Word File In fact, holding money is a more effective way of storing value than … Indestructibility or Durability 4. Gravity. And this implementation has a vital role in the business environment. It functions based on the general acceptance of its value within a governmental economy and … 1. Home Depot draws fire after co-founder backs Trump. Scarcity: A good money material must be scarce in quantity or the way to obtain money issued must kept low as compared to the desire for it. The money material should be capable of division; and the aggregate value of the mass after division should be almost exactly the same as before. They've found that people who are good with money are generally goal-driven, value-driven, accountable, and efficient. In order for something to qualify as money, then it should have the following qualities or features: Divisibility. 13 - Discuss the various ways in which London... Ch. Qualities of Good Money. Before publishing your Articles on this site, please read the following pages: 1. Commentdocument.getElementById("comment").setAttribute( "id", "ad57099b9e1279cf3466eba2a3070b31" );document.getElementById("bb9a5a46ca").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. Gold and silver are of the same quality throughout; their various parts are similar in chemical and physical composition and their consistency is the same throughout the mass. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. The six characteristics of money are durability, portability, acceptability, limited supply, divisibility and uniformity. General Acceptability: Money must be generally acceptable. When sand and stones were used as money people had less value for money as everyone was … Indestructibility or Durability 4. Durability - Durability of money is such that it can be used over and over again; hence it must survive wear and tear for long periods. If the former, it cannot be easily coined; If the latter, it would not last long. It is possible only if the various units of money are identical. Good money requires acceptance to all without any hesitation. A thousand rupee note can be changed into the notes of small denominations. Harris explained these qualities with remarkable clearness in […] Another quality of good money is that it should be capable of making small purchases. Conclusion:- After discussing the essential qualities of a good money material, we find that so far not a single commodity has been …

qualities of money

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