What are the six terms of money and their explanation?
Six terms of money and explanation as follows
- The amount meets the need or elasticity of the supply
- Have a stable or fixed value (stability of value)
- It can be divided and does not reduce its value or divisibility
- Long lasting and not easily damaged or durability
- Easy to store and transfer or portability
- Liked or accepted by the public (acceptability) means that the money is generally accepted by its users, whereas when the public can receive the money in a country because people believe that the money is legal and can be used as a medium of exchange or means of payment.
