00:00 (upbeat music)

00:02 - Good day, everyone.

00:12 My name is Mr. Balogun Abdullah,

00:16 your economic teacher.

00:18 The topic for today is money.

00:21 At the end of this class,

00:25 you should be able to do the following.

00:27 One, explain the meaning of money.

00:31 Two, compare money economy with a better economy.

00:35 Three, identify the various types of money.

00:39 Four, state the characteristics of money.

00:43 And five, explain the functions of money.

00:47 Now, let us take the definition of money.

00:50 What is money?

00:52 Money is anything that is generally acceptable

00:56 as a medium of exchange and in the settlement of debts.

01:01 Money can also be defined as anything

01:04 that is generally acceptable as a means of payment.

01:09 That is, money is anything which the government

01:13 or a particular country has made legal

01:17 as a means of a medium of exchange.

01:20 That is what is called money.

01:23 Before money, the system of exchange is called trade by butter.

01:28 What is trade by butter?

01:33 Trade by butter may be defined

01:36 as a form of trading in which goods are exchanged

01:39 directly for other goods

01:42 without the use of money as a medium of exchange.

01:46 For example, if someone has Gary

01:50 and is in need of bins,

01:52 he must locate somebody who has bins

01:56 and is in need of Gary.

01:59 Today, trade by butter has many setbacks.

02:03 What are the setbacks?

02:06 The setbacks in trade by butter

02:10 are also given as disadvantages of trade by butter

02:13 and we have them as follows.

02:16 Problems of double coincidence of once,

02:21 what does this mean?

02:23 This means that if someone has a particular commodity

02:27 and is in need of another commodity,

02:30 he must go in search of somebody

02:33 who has the commodity that he is in need of

02:36 and who also needs the commodity that he has.

02:39 Take for instance, somebody has

02:41 some tubas of yam and is in need of bins.

02:47 He will go all the way to set for a person

02:50 who has bins and is also in need of yam.

02:54 So that's one of the disadvantages.

02:56 The next one is no fixed rate of exchange

03:00 that he is, since we do not have

03:02 any standard medium of exchange,