Concept explainers
(a)
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Introduction:
Deferred Payments: Payments paid by the customer to the seller after some time period has elapsed is known as deferred payments
(b)
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Introduction:
Transaction costs: It is cost incurred in buying or selling of the goods and services
(c)
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Introduction:
Fiduciary monetary system: When the money is issued by the government and its value is based on the public’s faith that the currency represents command over goods and services is known as Fiduciary monetary system.
(d)
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Introduction:
Inflation: A general rise in the prices of the goods and services, is referred as the Inflation.
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