May 2024
Intermediate to advanced
688 pages
51h 31m
English
Content preview from Business Environment, 1st Edition by Pearson
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Chapter 40: Money: Functions and Value | 513 |
into small denominations and in this division there must be no
loss of value.
(v) Homogeneity : The notes and coins used as money must be
identical and uniform in all the respects, viz., size, colour,
weight. One must not feel that, say, a note of rupee is differ-
ent from other note of rupee. When a person feels like that,
he will not accept it. In other words, money will then not be
universally accepted.
(vi) Portability : One must be in a position to carry a large value in
small bulk over a long distance for settlement of claims with-
out experiencing any type of diffi culty.
(vii) Cognizability : A thing which is to function as money must be
such that anybody, even the ignorant, illiterate, ...
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