Answer to Question #284910 in Economics for Bea

Question

•         list the functions of money

•         define money

•         list the properties of money

•         list the functions of the SARB

Answer 1

Money consistently has three functions: store of value, unit of account, and medium of exchange.

Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed.

The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.

The SARB is responsible for:

• issuing and destroying banknotes and coin;
• regulating and supervising financial institutions;
• managing the official gold and foreign reserves of the country;
• managing the national payments system;
• administering the country's remaining exchange rate control systems.