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Gaurav Seth 6 years, 7 months ago
Money's most important function is as a medium of exchange to facilitate transactions.
In order to be a medium of exchange, money must hold its value over time; that is, it must be a store of value.
Money also functions as a unit of account, providing a common measure of the value of goods and services being exchanged.
Without money, all transactions would have to be conducted by barter, which involves direct exchange of one good or service for another.
In other words, in a barter system, exchange can take place only if there is a double coincidence of wants.
Money effectively eliminates the double coincidence of wants problem by serving as a medium of exchange that is accepted in all transactions.
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