Definition and Functions of Money: Static and Dynamic Functions (2024)

Money

In order to understand the fundamentals of economics, it is imperative to have a good understanding of money. In this article, we will look at the definition of money from an economics perspective and also the various functions of money.

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Money, in simple terms, is a medium of exchange. It is instrumental in the exchange of goods and/or services.

Further, money is the most liquid assets among all our assets. It also has general acceptability as a means of payment along with its liquid nature.

Usually, the Central Bank or Government of a country creates and issues money. Also called cash money, this is a legal tender and hence there is a legal compulsion on citizens to accept it.

Credit money is another form of money which the banks create through loan transactions.

Source: Pixabay

The value of money simply implies its exchange value. It means the number/amount of goods and/or services that you can obtain in exchange for a single unit of money.

Further, the value of money is inversely proportional to theprice of goods/services. Therefore, if the price level increases, the value of money decreases and vice-versa.

We can classify the total money supply of an economy into two broad groups – Cash Money and Credit Money, including all other financial assets. The degree of money-ness of different assets is different.

Q1. What are the static functions of money?

Definition and Functions of Money: Static and Dynamic Functions (2024)

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References