Question
What are the qualities of good money?
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Answer
Qualities of good money are as follows:
- General Acceptability: It must be generally accepted as a medium of exchange.
- Stability of Value: The purchasing power of money should be stable because money serves as a store of value.
- Cognizability: It must be easily recognizable or identifiable. For E.g. Notes of different denominations must be of different sizes, colours, etc., so that they can be easily identified.
- Durability: Money should be durable also. Its value should not fluctuate too much.
- Divisibility: Money should be divisible into units of smaller denominations.
- Portability: It should be easy to handle and carry from one place to another.
- Homogeneity: Money of the same denomination should be identical in shape, size, colour, etc.
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