Are you looking for the Money definition and actually what is money as per the syllabus of Economics class 12 CBSE Board.
See, Every body knows what is money but few can define it.
What is Money in economics class 12?
In general term money is anything that is commonly accepted when you buy things from others. It is a legal tender by law and has to be accepted in settlement of economic transactions.
But, what we are here today is to define the money as per the syllabus of class 12.
What is the definition of money in Economics?
below are the definition commonly given in different reference books.
“Anything legally acceptable in settlement of economics transactions is money”
S.K Aggarwal Book
Definition of Money on the basis of its ‘medium of exchange’ functions.
On the basis of its function ‘medium of exchange money can be define as
“Money is defined as anything that is generally accepted as a medium of exchange.
S.K Aggarwal Book
Points to Remember:-
‘Medium of exchange’ is the main characteristic of Money. However, Money also performs other functions such as ‘a store of value, a unit of account, and a standard of deferred payment.
Note:- Functions of Money is not the part of the syllabus. As far as you are in the class 12 for 2021-22 session. you don’t have to go through this topic.
Other Definitions of Money (Class 12 Economics)
below are the definitions of money given in other reference books.
“Money is anything which is generally accepted as a medium of exchange, a measure of value, store of value and means for standard of deferred payment.”
Sandeep Garg Book
“Money is defined as an instrument that serves as a medium of exchange, store of value, a measure of value and standard for deferred payments.”
TR Jain Book
Q. What is the main characteristics of Money
Ans:- The main characteristics of Money is Medium of Exchange.