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Explain the‘Standard of deferred payment’. {3marks …

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Explain the‘Standard of deferred payment’. {3marks question}

Posted by S. K 3 years, 4 months ago

CBSE > Class 12 > Economics

1 answers

Preeti Dabral 3 years, 4 months ago

Deferred payments refer to those payments which are made sometimes in the future. Money has made deferred payments much easier than before. Credit has become the life and blood of a modern capitalist economy. In millions of transactions, instant payments are not made. The debtors make a promise that they will make payment on some future date. In those situations money acts as a standard of deferred payments. It has become possible because money has general acceptability, its value is stable, it is durable and homogeneous. This function of money has led to the emergence of financial market which deals in borrowing and lending of money.

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