Meaning of money and its properties or characteristics
Money-Money can be defined as the medium of exchange that functions as a legal tender and the official currency in form of coins and bank notes issued by a government or another authority.-Money is a convenient medium of exchange because it can be related toall forms of material goods in terms of value.-However a good monetary medium must fulfill some of the following properties:-It must be easy to carry about.-Its value must be maintained through proper control of its circulation.-It must be generally acceptable. This means that people must have confidence in its purchasing power.-It must be durable. That means it should not be subject to deterioration during the time of storage.-It must be easy to divide into small units.-Money is therefore a measure of wealth. Its actual value depends on what it can purchase.-Different regions in the world use different currencies. For example in Kenya we use shilling (Ksh), South Africa, the Rand (R), United States, the Dollar (US $) etc.