One of the function of money is

Assessment: WAEC SSCE - Economics - 2001 (Objective) Subject: Economics

Question 1 Report

One of the function of money is
Answer Details
One of the functions of money is to serve as a unit of account. This means that money is used as a standard measurement of value in an economy, allowing for the comparison of the worth of goods and services. Money serves as a common denominator for all goods and services, and prices can be expressed in terms of a particular currency. This function of money helps facilitate economic transactions by providing a standard means of measuring value and prices, making it easier for buyers and sellers to engage in trade.

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