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Characteristics of the term "money" can be defined as follows, "Money basically has four functions, its a storage, standard, medium and measure". This definition is very common in most of the economic textbooks. According to this definition, money can be stored and it has a specific value. It is considered as a standard of deferred payment. It is a unit of account that's why it functions to measure. Money is the medium of exchange and is accepted as payment for goods and services. In this way the four characteristics of term "money" are defined.
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