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Home Life skills Money & Entrepreneurship

What is money?

August 31, 2020
in Middle School, Money & Entrepreneurship
Reading Time: 6min read
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What is money?

Image source: Pixabay

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“You can’t buy happiness through money, but there is a lot of other stuff that you can buy.”

People use the money to buy goods and services, and also to invest. Money has several denominations such as coins and rupee notes in India, dollar bills and cents in the United States of America. Every country has its currency. The United States currency is a dollar bill, Indian currency is ₹, and in the UK, the currency is Pound Sterling.

Each denomination has its significance that is considered during a trade.  For example: If you buy chocolate of 4$ in the US, the following will be the denomination:

This is a 1$ bill and if you use 4 of them, it will be 1$ + 1$ + 1$ + 1$ = 4$

Or you can also use a 5$ bill to spend on it.

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Citations :

Skillioma (January 22, 2021) What is money?. Retrieved from https://www.skillioma.com/what-is-money/.
"What is money?." Skillioma - January 22, 2021, https://www.skillioma.com/what-is-money/
"What is money?." Skillioma - Accessed January 22, 2021. https://www.skillioma.com/what-is-money/
Skillioma May 11, 2020 What is money?., viewed January 22, 2021,<https://www.skillioma.com/what-is-money/>
Skillioma - What is money?. [Internet]. [Accessed January 22, 2021]. Available from: https://www.skillioma.com/what-is-money/
"What is money?." Skillioma [Online]. Available: https://www.skillioma.com/what-is-money/. [Accessed: January 22, 2021]

 

Power Words :

  • Demonetization
  • Circulation
  • Denomination
  • Currency
  • Import
  • Export

 

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Tags: Bankingfacts about Indian rupeefunctions of moneyhow is the value of rupee decided against the dollaruses of moneywhat is money
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