Interview
Money IEB Gr 8
- Institution
- 8th Grade
- definition of money - characteristic - main function - security features
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MONEYDefinition
Money is any item that is widely accepted in business transactions
(exchange of goods and services), as well as payment of debts. It is
therefore referred to as a medium of exchange, (it can be used to make
payments for all transactions of goods and services).
FORMS OF MONEY
• coins
• notes
• cheques
• debit cards
• money orders
• smart cards
https://www.slideshare.net/nickyjha739/economics-modern-forms-of-money
https://www.slideshare.net/nickyjha739/economics-modern-forms-of-money( 20/07/2018)
, CHARACTERISTICS OF MONEY
Durability.
Objects used as money must withstand physical wear and tear. must be able to
withstand being used repeatedly.
Portability.
People need to be able to take money with them as they go about their business.
individuals are able to carry money with them and transfer it easily to other
individuals.
Divisibility.
To be useful, money must be easily divided into smaller denominations , or units of
value. the money can easily be divided into smaller units of value. Today, different
coins and notes convey these fractional values.
Uniformity.
All versions of the same denomination of currency must have the same purchasing
power.
Limited Supply.
Restrictions on the amount of money in circulation ensure that values remain
relatively constant for the currency. The responsibility for maintaining an adequate
money supply falls on the Reserve Bank Of South Africa .
Acceptability.
Everyone must be able to use the money for transactions In the United States this is
indicated on our paper bills by the notation: “This note is legal tender for all debts,
public and private”.
Difficult to counterfeit
“Counterfeit money is imitation currency produced without the legal
sanction of the state or government. Producing or using counterfeit
money is a form of fraud or forgery.”
https://en.wikipedia.org/wiki/Money
https://www.unlockedsuccess.com/money/6-characteristics-of-money-for-business-
success/ 11/09/2019)
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