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Unformatted text preview: achieve this is by carefully controlling the supply of it. Money as general purchasing power is used as a means of exchange. Money is not normally demanded for itself but for using as a means or medium in buying and selling activities. Therefore money is judged as reliable and trustworthy or otherwise to the extent that it can perform its own functions. Therefore money is commonly defined in terms of its functions. Professor Walkers simple definition clearly brings out these functions: "Money is a matter of functions four, Medium, Measure, Standard, Store." Another definition based on its functions can be stated as, 'Money is what money does.'...
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This note was uploaded on 11/17/2011 for the course EC ec 201 taught by Professor - during the Fall '10 term at Montgomery.
- Fall '10