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Functions of money

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What do we need money for?
Well, it is rather inconvenient to take your camel to a shop and exchange it for other goods there. This is why money evolved over the course of history – you can easily take it along wherever you go, and it has some other advantages as well.
1
Most importantly, money is a generally accepted means of payment.
Unlike other means of payment, such as gold coins, money can be used everywhere to buy anything; it is universally accepted.
2
Money is an accounting unit.
It tells us what is cheap and what is expensive. Money enables you to compare the prices of different products and services, as well as incomes, rents and everything else.
3
Money is a value store.
You can use money to save up to buy something in the future, but also to buy something now on credit which you would not be able to afford yet otherwise.

FAQ

Money is handy, accepted everywhere and much more practical than exchanging a camel for a cell phone, for example. It simplifies trade enormously.
Money is: Means of payment: You can use it to pay anywhere. Unit of account: It helps you to compare prices. Store of value: You can save it or spend it later.
You can put money aside to afford something later – or even spend it on credit and pay it back later.
Yes, e.g. through inflation. Then you get less for the same amount than before. That’s why it’s important to look into savings and investment options.

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