E-learning explainer about basic finance concepts
Description
Vocal Characteristics
Language
EnglishAccents
North American (General) North American (US General American - GenAM)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
In early civilizations. Before money was invented, bartering or trading goods and services was used to obtain necessities. A farmer might trade part of their crop or an animal for clothing and shoes. Nowadays, money is used every day and has replaced the bartering system. Money is needed to pay for basic necessities such as food and housing, but it is also used for non-essential items such as vacations and jewelry. Money comes in many different forms and can be defined as any item accepted as a medium of exchange. Money has three primary functions which are medium of exchange, unit of measurement and store value money. As a medium of exchange means, money can be traded for payment of goods and services. Money. As a unit of measurement means, money provides a standard monetary unit of measurement of value. Money. As a store of value means money can be saved and used in the future without losing its purchasing power. There are exceptions when purchasing power may decline due to inflation.