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SS1: ECONOMICS - 3RD TERM

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  1. Mining | Week 1
    3 Topics
    |
    1 Quiz
  2. Financial Institutions I | Week 2
    7 Topics
    |
    1 Quiz
  3. Financial Institutions II | Week 3
    5 Topics
    |
    1 Quiz
  4. Financial Institutions III | Week 4
    5 Topics
    |
    1 Quiz
  5. Business Organisation | Week 5
    3 Topics
  6. Money | Week 6
    5 Topics
    |
    1 Quiz
  7. Channels of Distribution I | Week 7
    5 Topics
    |
    1 Quiz
  8. Channels of Distribution II | Week 8
    6 Topics
    |
    1 Quiz
  9. Business Finance | Week 9
    7 Topics
    |
    1 Quiz



Lesson 6, Topic 5
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Functions | Characteristics of Money

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Topic Content:

  • Functions of Money
  • Characteristics of Money

Functions of Money:

1. Medium of Exchange: This is the primary function of money, a means of payment for goods and services as well as settlement of debt.

 

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Evaluation Questions

1. Identify the problems of the barter system.

Answer:

(i) Double coincidence of wants

(ii) Lack of specialization

(iii) Indivisibility of the commodity

(iv) Lack of storability

(v) Lack of future trade

(vi) Lack of deferred payment

 

2. Explain five qualities of good money

Answer:

(i) Acceptability: Good money must be generally acceptable by the public

(ii) Divisibility: A good money must be capable of being divided into smaller units

(iii) Homogeneity: Money must be the same in all respect 

(iv) Portability: Money must be easy to carry about 

(v) Relatively scarce: Money must be relatively scarce or else it will lose its value.

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