Holding money to take care of contingencies is

Assessment: JAMB UTME - Economics - 2022 Subject: Economics

Question 1 Report

Holding money to take care of contingencies is
Answer Details
Holding money to take care of contingencies is a precautionary motive. This means that people keep money saved in case of unexpected events or emergencies, such as a sudden illness, job loss, or car repair. By having money set aside, they are better prepared to handle these situations and can avoid going into debt or facing financial hardship. In short, holding money for precautionary reasons is a way to protect one's financial security and peace of mind.
Read lesson note on Economics As A Science (JAMB)
Read lesson note on Money And Inflation (JAMB)
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