Table of Contents
- 1 What has 2 banks but no money?
- 2 What are the 4 main functions of money?
- 3 What are the two functions of money?
- 4 What is money and explain its function?
- 5 What is money according to economics?
- 6 What does Proverbs say about finances?
- 7 Why are combinations lying to the right of the budget line unattainable?
- 8 How does the budget line show the budget constraint?
What has 2 banks but no money?
river bank
What has two banks but no money? Answer: A river bank. 5.
What are the 4 main functions of money?
whatever serves society in four functions: as a medium of exchange, a store of value, a unit of account, and a standard of deferred payment.
What are sayings about money?
Sayings/Money
- A fool and his money are soon parted.
- A good name is better than riches.
- A good payer is master of another’s purse.
- A good paymaster never wants workmen.
- Early to bed and early to rise makes a man healthy, wealthy, and wise.
- He who pays the piper calls the tune.
- Health is better than wealth.
What has 4 legs but Cannot walk?
The answer for What has four legs, but can’t walk? Riddle is “Table.”
What are the two functions of money?
To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange.
What is money and explain its function?
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account. Medium of exchange. Money’s most important function is as a medium of exchange to facilitate transactions.
What are the 2 types of money?
As members of the public, we only have access to two of them – physical money and commercial bank money.
- Physical money. Physical money, meaning cash and coins, is created by the US Treasury.
- Central bank reserves.
- Commercial bank money.
What are the two forms of money?
Money and Credit The two forms of modern currency are paper notes and coins.
What is money according to economics?
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. Money originates in the form of a commodity, having a physical property to be adopted by market participants as a medium of exchange.
What does Proverbs say about finances?
Proverbs 13:11 Dishonest money dwindles away, but whoever gathers money little by little makes it grow. Proverbs 22:16 Whoever oppresses the poor for his own increase and whoever gives to the rich, both come to poverty.
How is the budget line written algebraically?
The budget line can be written algebraically as follows: Where Px and Py denote prices of goods X and Y respectively and M stands for money income:
How is the budget line related to indifference curve?
In order to explain consumer’s equilibrium there is also the need for introducing into the indifference curve analysis the budget line which represents the prices of the goods and consumer’s money income. Suppose our consumer has got income of Rs. 50 to spend on two goods X and Y.
Why are combinations lying to the right of the budget line unattainable?
The combinations of commodities lying to the right of the budget line are unattainable because income of the consumer is not sufficient to buy those combinations. Given consumer’s income and prices of the two goods, the combinations of goods lying to the left of the budget line are attainable, that is, the consumer can buy any one of them.
How does the budget line show the budget constraint?
Thus, with the assumption that whole of the given income is spent on the given goods and at given prices of them, the consumer has to choose from all those combinations which lie on the budget line. It is clear from above that budget line graphically shows the budget constraint.