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12 Nov 2021

Introduction

The problems created by the barter system is resolved through money. Money has three functions:

a) Money functions as a medium of exchange, which means it operates as a middleman between the buyer and the seller.

b) Money must be used as a means of storing value. It is not necessary to spend it right now because it will retain its value the next day or year.

c) Money is used as a unit of account, which means that it is used to measure values.

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