The value of money is best determined by its

Assessment: WAEC SSCE - Economics - 2002 (Objective) Subject: Economics

Question 1 Report

The value of money is best determined by its
Answer Details
The value of money is best determined by its purchasing power. This means the amount of goods and services that can be purchased with a certain amount of money. The more purchasing power a currency has, the more valuable it is. Portability and being recognized are important factors in making a currency functional, but they do not directly determine its value. The size of a currency note is irrelevant to its value.
Read lesson note on The Theory Of Consumer Behaviour (JAMB)
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