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Money May Be defined as any commodity which is generally acceptable as both a measure of value and a medium of exchange. N.B For a commodity to be a good medium of exchange. (1) It must be generally acceptable. (2) It should be relatively scarce. (3) It should be easily divisible into fractional units. (4) It should be homogeneous in character. (5) It should be fairly durable. (6) It should be portable. Legal Tender Legal Tender is money which the state declares can be used for the payments of debts up to any amount, e.g. Bank notes in the Caribbean.Money in itself has no value, the paper in a $1 note is worth very little, but by common consent it is accepted as a measure of value which is assumed to be $1.
Approximate Word count = 456
Approximate Pages = 1.8
(250 words per page double spaced)
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