The statement "money has value in itself as well as value in its use as money" refers to the two primary functions of money: intrinsic value and extrinsic value.

1. Intrinsic Value: This is the value that money has in itself. For example, gold and silver coins have intrinsic value because the metal itself has value. People value gold and silver not just for their monetary value, but also for their use in jewelry and industry.

2. Extrinsic Value: This is the value that money has in its use as a medium of exchange. Money serves as a common measure of value, a medium of exchange, and a store of value. This means that money allows people to compare the value of different goods and services, to buy and sell goods and services, and to save wealth for future use.

So, money has value in itself (intrinsic value) and value in its use as money (extrinsic value).

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The statement "money has value in itself as well as value in its use as money" refers to the two primary functions of money: intrinsic value and extrinsic value.

1. Intrinsic Value: This is the value that money has in itself. For example, gold and silver coins have intrinsic value because the metal itself has value. People value gold and silver not just for their monetary value, but also for their use in jewelry and industry.

2. Extrinsic Value: This is the value that money has in its use as a medium of exchange. Money serves as a common measure of value, a medium of exchange, and a store of value. This means that money allows people to compare the value of different goods and services, to buy and sell goods and services, and to save wealth for future use.

So, money has value in itself (intrinsic value) and value in its use as money (extrinsic value).

Knowee AI · Accepted Answer

The statement "money has value in itself as well as value in its use as money" refers to the two primary functions of money: intrinsic value and extrinsic value.

1. Intrinsic Value: This is the value that money has in itself. For example, gold and silver coins have intrinsic value because the metal itself has value. People value gold and silver not just for their monetary value, but also for their use in jewelry and industry.

2. Extrinsic Value: This is the value that money has in its use as a medium of exchange. Money serves as a common measure of value, a medium of exchange, and a store of value. This means that money allows people to compare the value of different goods and services, to buy and sell goods and services, and to save wealth for future use.

So, money has value in itself (intrinsic value) and value in its use as money (extrinsic value).

money has value in itself as well as value in its use as money.

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