Money has overcome the complexities of barter. Crowther stated money as “anything which is usually acceptable as a means of exchange (that is, as a means of settling debts) and that at similar time acts as a measure and as a store of value”. The significant point regarding this definition is that it concerns anything which is usually acceptable as money. Therefore money comprises currency notes, coins, cheques, bills of exchange, credit cards and so forth. That is why Professor Walker has stated:

“Money is that which money does”. By this, he termed to the functions of money. Money performs a lot of functions in a modern economy. The most significant tasks of money are provided in the form of a couplet quoted below:-

“Money is a matter of functions four
A medium, a measure, a standard, a store”.

Therefore, money is a medium of exchange, an evaluation of value, a store of value and a standard of delayed payments.


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