Money is a question that appears to be on everyone’s mind. If you plan a trip next weekend and run short of money, you can’t enjoy it. The main aim of our life is to be happy and for that we need money.
Money is a thing that most of us spend most of our lives trying to acquire, and most of us have a tiny plan of what it even is. In the past, some people used salt as money. Others used seashells as money. But if you want to know what money is exactly then don’t worry after reading this article you will be able to define money
Over time, money has developed as a medium of exchange and a reserve of value. So now it’s time to know what money is. Let’s start.
What is Money?
In simple words, money is an economic unit widely accepted and used in transactions of goods and services. In today’s competitive world, money is essential for survival. We can also say that the thing commonly accepted as a medium of exchange is called money.
The collected amount of coins and notes is denoted as money. We can buy all our things and attain our needs with the help of money. We can’t imagine life without money because we have to pay for everything.
what is Barter SYSTEM?
In ancient times, at the time, there was no money; people exchanged services and goods for other services and goods in return. Money is the medium of buying these days. But in the past, people used to get anything by exchanging anything in return when money was not invented. This system was termed the Barter system.
For example, if I gave you a ball, you would provide me a bat in a barter system.
Importance of Money in our LIFE:-
Money is an essential source of life to live a healthy and fulfilling life but cannot compare it with emotions. The most famous proverb is:
“Money can’t buy happiness.”
In the modern era, when civilization is overgrowing, we need more money to meet the essential requirement and the rising value of things. Money is just like salt, which is required, but it is enough to need, then it’s not suitable for our lives.
Money has a significant value in everybody’s life. It fulfills the daily needs of an individual. It is required to run the economy of a whole nation. It is everywhere needed as a medium of exchange.
Money is just a process. But, a whole lot of people are beginning to think that money is a goal by itself. Money is not a goal, and I want you to recall. It’s an enabling process. If you’re going to purchase consolation, you need money. If you’re going to eat food, then you need money.
So money has become a standard transaction instrument, and people require that to live. To some people, money means a lot. We need money to survive, to encounter our basics needs to provide for ourselves and our families.