All members of the immediate community normally accept money as a medium of transaction. Modern society uses money for a variety of purposes, including as a way to exchange goods and services, as a way to quantify the worth of those products and services, and as a way to save up purchasing power for future use. It is of the utmost value as a gauge of worth. If there is no universally accepted measure of worth for a person's services in the workplace, how can the employer decide how much to pay him?
Money provides a very helpful way to measure these relative values.
- Teacher: SOUHILA KHANE