Question

Why is it important that money is portable and acceptable? In at least two complete sentences, describe the consequences you would face if money did not have these two qualities.

Answer 1

Money needs to be portable so that it can be easily moved from place to place. If it were not in a portable form, this would make it difficult to make purchases. Also, money needs to be acceptable: If we can't agree what forms of money can be used, then this will eliminate our ability to exchange value.

Answer 2

The money is an essential part of our day to day life. The imagination without money creates various dilemmas in mind that how will we execute our day to day transactions. It is important that money is portable and acceptable in the society or their would be lot of practical problems in making transactions.

What are the characteristics of money?

Money serve as a medium to exchange things and it is important that money should be portable and acceptable.

If money would not be portable we will not be able to carry it with us and thus could not enter into a transaction without having money in hand.

Money has to be acceptable in an economy because if it is not acceptable by general people living and transacting around us it would be of no use for making payments.

Therefore it is important that money is portable and acceptable in the society or their would be lot of practical problems in making transactions.

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