Define money. Explain the contingent functions of money.
Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another.
Functions of money:
(i) Act as a medium of exchange.
(ii) Act as a legal tender for repayment of debt.
(iii) As a standard of value.
(iv) As a unit of accounting measure.
(v) As a means to save or store purchasing power.