Money
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RameshMoney
Uploaded by
RameshWHAT IS MONEY?
Name: Ganesh Mangru & Janicia Rocke
Class: Grade 9 B
Subject: Home Economics
School: New Central High School
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INTRODUCTION
This assignment entails everything you need to know about Money, it’s
functions and the many ways it can be used. Money helps to keep society
balanced with the use of trading or bartering.
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CONTENT PAGE
Introduction _______________________________________________Pg 2
Content Page ______________________________________________ Pg 3
Definition of Money ________________________________________ Pg 4
Identify The Forms of Money _________________________________Pg 5-8
Functions of Money ________________________________________ Pg 9-10
Ways to earn Money ________________________________________ Pg 11
Conclusion ________________________________________________ Pg 12
DEFINITION OF MONEY
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Money is a medium of exchange, a store of value and a measure of worth, It
facilitates trade, replaces bartering, and comes in forms like coins, bills or
digital currency.
IDENTIFY THE FORMS OF MONEY
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Money can be in many forms, including coins, paper notes, bank deposits, and
digital currencies.
Economists classify Money into four main types:
Commodity Money
Commodity Money is money whose value is directly tied to the value of the
material it is made from, like gold and sliver.
Flat Money
Flat Money is currency issued by a physical commodity like gold and its value
is based on trust in the government. Flat money is basically government issued
money, currency that is authorized as legal tender.
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Fiduciary Money
Fiduciary Money is money that derives its value from the trust, promise and
confidence that it will be accepted as a means of exchange.
Digital Money
Digital money also know as digital currency, is a form of money that exists only
in electronic form.
Paper Money
Paper money are physical banknotes issued by a government often representing
fiat currency
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Coins
a flat disc or piece of metal with an official stamp, used as money.
STATE THE FUNCTIONS OF MONEY
Money has many functions, including:
Medium of Exchange - Money allows people to buy and sell goods and services.
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Store of Value - Money can be saved and used in the future to buy things or
invest.
Unit of Account - Money allows people to compare the value of different items.
Facilities Long-term Planning - Money can be used to save for the future or
invest in things that will grow in value.
Assurance against Financial Requirements – Money can be used to provide a
financial cushion for unexpected expenses.
Measure of Money – Money is used to compare the value of goods and services.
Transfer – Money is used to complete transactions.
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EXPLAIN THE VARIOUS WAYS MONEY CAN BE EARNED
These are ways money can be earned:
• Selling photography - You can sell your images to stock photography websites
or freelance marketplaces.
• Taking surveys - You can take surveys on online survey websites and earn gift
cards or cash.
• Blogging - You can grow your reader base and monetize your blog by selling
ad spaces, becoming an affiliate, or accepting brand sponsorships.
• Tutoring - You can tutor people online or in-person.
• Working for a company - You can work for a company or individual in
exchange for a salary or wage.
• Freelance work - You can offer your skills as a freelancer in areas like writing,
photography, design, web development, or marketing.
• Starting a business - You can create your own business.
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• Investing money - You can invest money in various ways, such as stocks,
bonds, or real estate.
CONCLUSION
This concludes our assignment on money:
Money is a medium of exchange that is generally accepted as payment for goods
and services. It can also be used to repay debts.
Money has different functions like it could be used for store of value and is used
in various ways like to start a business or investing money.
Money is one of the most important assets in life and society.
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