MP Board · Class 10 · Social Science · Economics: Money and CreditWhat is money?

Money is an item that is generally accepted as payment for goods and services and repayment of debts in a country or socio-economic context. The main function of money is to act as a medium of exchange, which eliminates the cumbersome need for the double coincidence of wants inherent in the barter system. It provides a common measure and standard of value, making trade and economic transactions extremely efficient and smooth across modern markets.