The most important quality of money is that it must be

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

Question 1 Report

The most important quality of money is that it must be
Answer Details
The most important quality of money is that it must be generally acceptable. This means that people should be willing to accept it as a medium of exchange in transactions. Without this quality, money would not be useful as a means of payment for goods and services. Money can be scarce, portable, and durable, but if people do not accept it as a valid form of payment, it would not function as money. Therefore, being generally acceptable is the most important quality that money must possess.
Read lesson note on Money And Inflation (WAEC)
Read lesson note on Financial Institutions (WAEC)
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