This discussion question has several parts. Give each explanation in a complete

Question

This discussion question has several parts. Give each explanation in a complete paragraph form. Your po is worth up to 30 points. Use definltions and examples to enhance and clarify your answer Critically comment on the postings of any two students for 10 points When responding to the postings of others, pick two issues (one per student) that you can add significant thought to and.address that concept in your post. Each of two responses you make are worth up to 5 points each. . What is money, its components, its uses, and what future you see for it? Explain inflation and what money has to do with it. You are required to be clear, thorough, and detailed in your discussion, and also comments on the postings of any two students. earch entries or author Unread Reply Replies are only visible to those who have posted at least one reply Previous Next

Explanation / Answer

1) Money, uses , componetsn, future.

Money is anything that could be used as medium for exhange of anything worth. Through money one is able to sell some good which is worthy to others and through such sale he is able to purchase anything which is or worth to him. Between these two events what he gets at first and what he gives at second is money - which is medium of exchange.

MOney has very important uses. When money was not introduced people used to have barter system. Under this system people used to exchange goods for goods. For example a can of fish used to gets exchanged for a sack of rice. This sytem had number of limitations such as one may not get a good in exchange of the good that he possesed, the valuation of good was never accurate, storing goods was another very much difficult problem etc. To rescue money came as medium of exchange. It is an acceptable medium of exchange and legitimated by goverment. Now people dont have to exchange can of fish for sack of rice. Instead something can work in between these two exchanges. One may sell can of fish and get money (coin/paper etc.) and when he requires he can use that money to buy rice or anything else. IT resulted in number of functionalities and uses of money which are - Unit of measutrement for goods, store of values, medium of exchange etc.

It has many components. Coins, paper money, bills, notes, debit and credit cards etc. Some of them are acknowledged by governmnet that is they cant be refused by any person in trade which are coins and paper currency printed by government. Others are in use but can be refused such as bills, cards, electronic payments etc.

As we see money is tranforming day by day. Earier it was just coins, then paper money came and now we see debit and credit cards in much use. Electronic payments is now on urge. So in future it is possible that payments will be made electronically more.

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