The value of money is generally measured in relation to the

Assessment: WAEC SSCE - Economics - 2007 (Objective) Subject: Economics

Question 1 Report

The value of money is generally measured in relation to the
Answer Details
The value of money is generally measured in relation to the general price level. In other words, the value of money is determined by the amount of goods and services it can buy. If the price of goods and services goes up, the value of money goes down because it can buy less. Conversely, if the price of goods and services goes down, the value of money goes up because it can buy more. This relationship between the value of money and the general price level is known as purchasing power.
Read lesson note on Money And Inflation (WAEC)
Read lesson note on Financial Institutions (WAEC)
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