Definition and Functions of Money JAIBB Monetary and Financial System (MAFS)

In this video, we explore the fundamental concept of money, its definition, and functions. We delve into the various forms of money and their characteristics, from currency and coins to checks and digital money. We also discuss the critical role of money as a medium of exchange, unit of account, and store of value in modern economies. Additionally, we examine the various functions of money, including facilitating transactions, measuring economic value, and serving as a store of wealth. Through comprehensive examples and clear explanations, we aim to help viewers develop a deep understanding of money's importance and role in the economy. Join us in this fascinating exploration of the Definition and Functions of Money.