Pul va uning xususiyatlari Деньги и их характеристики Money and its characteristics Mirzo Ulug’bek nomidagi O’zbekiston Milliy Unversiteti Iqtisodiyot fakulteti “Mintaqaviy iqtisodiyot va menejment” kafedrasi Menejment yo’nalishi MU-22-guruhning talabasi Jiyanov Botir Bahodir o’g’li ANOTATSIYA Pul universal ayirboshlash vositasi bo'lib, muomala va iqtisodiy faoliyatni osonlashtiradi. U jismoniy shaxslarga tovarlar, xizmatlar va aktivlarni sotib olish imkonini beruvchi qiymatni o'zida mujassam etadi. Uning aylanishi iqtisodiy o'sish va barqarorlikni ta'minlaydi. Biroq, uning teng bo'lmagan taqsimlanishi ijtimoiy nomutanosiblik va kuchlar farqini kuchaytirishi mumkin. Uning rolini tushunish zamonaviy jamiyatni boshqarish uchun juda muhimdir, Kalit so`zlar: Pul, pulning vazifalari, pulning roli, Savdoni osonlashtirish, qiymatni saqlash, hisob birligi, likvidlik Деньги служат универсальным средством обмена, облегчая транзакции и экономическую деятельность. Оно воплощает ценность, позволяя людям приобретать товары, услуги и активы. Его обращение способствует экономическому росту и стабильности. Однако его неравномерное распределение может усугубить социальное неравенство и разницу во власти. Понимание его роли имеет важное значение для навигации в современном обществе. Ключевые слова: Деньги, функции денег, роль денег, облегчение торговли, средство сбережения, расчетная единица, ликвидность Money serves as a universal medium of exchange, facilitating transactions and economic activities. It embodies value, enabling individuals to acquire goods, services, and assets. Its circulation fuels economic growth and stability. However, its unequal distribution can exacerbate social disparities and power differentials. Understanding its role is essential for navigating modern society, Key Words: Money, functions of money, the role of money, Facilitating Trade, Store of Value, Unit of Account, Liquidity Money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth. (Read Britannica’s biography of this author, Nobelist Milton Friedman.) The subject of money has fascinated people from the time of Aristotle to the present day. The piece of paper labeled 1 dollar, 10 euros, 100 yuan, or 1,000 yen is little different, as paper, from a piece of the same size torn from a newspaper or magazine, yet it will enable its bearer to command some measure of food, drink, clothing, and the remaining goods of life while the other is fit only to light the fire. Whence the difference? The easy answer, and the right one, is that modern money is a social contrivance. People accept money as such because they know that others will. This common knowledge makes the pieces of paper valuable because everyone thinks they are, and everyone thinks they are because in his or her experience money has always been accepted in exchange for valuable goods, assets, or services. At bottom money is, then, a social convention, but a convention of uncommon strength that people will abide by even under extreme provocation. The strength of the convention is, of course, what enables governments to profit by inflating (increasing the quantity of) the currency. But it is not indestructible. When great increases occur in the quantity of these pieces of paper—as they have during and after wars—money may be seen to be, after all, no more than pieces of paper. If the social arrangement that sustains money as a medium of exchange breaks down, people will then seek substitutes—like the cigarettes and cognac that for a time served as the medium of exchange in Germany after World War II. New money may substitute for old under less extreme conditions. In many countries with a history of high inflation, such as Argentina, Israel, or Russia, prices may be quoted in a different currency, such as the U.S. dollar, because the dollar has more stable value than the local currency. Furthermore, the country’s residents accept the dollar as a medium of exchange because it is well-known and offers more stable purchasing power than local money. Functions of money The basic function of money is to enable buying to be separated from selling, thus permitting trade to take place without the so-called double coincidence of barter. In principle, credit could perform this function, but, before extending credit, the seller would want to know about the prospects of repayment. That requires much more information about the buyer and imposes costs of information and verification that the use of money avoids. If a person has something to sell and wants something else in return, the use of money avoids the need to search for someone able and willing to make the desired exchange of items. The person can sell the surplus item for general purchasing power—that is, “money”—to anyone who wants to buy it and then use the proceeds to buy the desired item from anyone who wants to sell it. The importance of this function of money is dramatically illustrated by the experience of Germany just after World War II, when paper money was rendered largely useless because of price controls that were enforced effectively by the American, French, and British armies of occupation. Money rapidly lost its value. People were unwilling to exchange real goods for Germany’s depreciating currency. They resorted to barter or to other inefficient money substitutes (such as cigarettes). Price controls reduced incentives to produce. The country’s economic output fell by half. Later the German “economic miracle” that took root just after 1948 reflected, in part, a currency reform instituted by the occupation authorities that replaced depreciating money with money of stable value. At the same time, the reform eliminated all price controls, thereby permitting a money economy to replace a barter economy. These examples have shown the “medium of exchange” function of money. Separation of the act of sale from the act of purchase requires the existence of something that will be generally accepted in payment. But there must also be something that can serve as a temporary store of purchasing power, in which the seller holds the proceeds in the interim between the sale and the subsequent purchase or from which the buyer can extract the general purchasing power with which to pay for what is bought. This is called the “asset” function of money. The Role of Money 1. Facilitating Trade: Money simplifies transactions by providing a universally accepted medium, eliminating the need for double coincidence of wants inherent in barter systems. 2. Unit of Account: Money provides a common unit of measurement for the value of goods and services. It allows for easy comparison of prices and facilitates economic calculations. 3. Store of Value: Money acts as a store of wealth, enabling individuals to save purchasing power for future use. Unlike perishable or volatile commodities, money retains its value over time. 4. Liquidity: Money's high liquidity ensures it can be readily exchanged for goods and services, enhancing economic efficiency and flexibility. Facilitating Trade - When policymakers talk about “trade facilitation”, they are referring to a specific set of measures that streamline and simplify the technical and legal procedures for products entering or leaving a country to be traded internationally. Trade facilitation covers the full spectrum of border procedures, from the electronic exchange of data about a shipment, to the simplification and harmonisation of trade documents, to the possibility to appeal administrative decisions by border agencies. Unit of Account - In economics, unit of account is one of the functions of money. A unit of account[1] is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. Store of Value - A store of value is essentially an asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without deteriorating in value. In other words, to enter this category, the item acquired should, over time, either be worth the same or more. Liquidity - Liquidity ratios are an important class of financial metrics used to determine a debtor's ability to pay off current debt obligations without raising external capital. Liquidity ratios measure a company's ability to pay debt obligations and its margin of safety through the calculation of metrics including the current ratio, quick ratio, and operating cash flow ratio. The principles of money, often referred to as the functions of money, outline the essential roles that money serves within an economy. These principles are fundamental to understanding the nature and functions of money. They include: 1. Medium of Exchange: Money serves as a widely accepted intermediary in transactions, facilitating the exchange of goods and services. It eliminates the inefficiencies of barter systems by providing a common medium through which individuals can trade goods and services. 2. Unit of Account: Money provides a standard unit of measurement for the value of goods and services. It allows for the comparison of prices and enables economic actors to express the worth of different goods and services in a common currency. 3. Store of Value: Money functions as a store of wealth, enabling individuals to save purchasing power for future use. It retains its value over time, allowing people to hold onto money and use it as a form of asset or savings. 4. Standard of Deferred Payment: Money allows for transactions to be conducted over time through credit arrangements. It serves as a medium through which debts and obligations can be settled, providing a standard unit for deferred payments. These principles collectively highlight the versatility and importance of money within an economy. They underscore its role not only as a medium of exchange but also as a unit of measurement, store of value, and standard for deferred payments, all of which are essential for facilitating economic transactions and promoting economic activity. Medium of Exchange - A medium of exchange is an intermediary instrument or system used to facilitate the purchase and sale of goods and services between parties. For a system to function as a medium of exchange, it must represent a standard of value. Further, all parties to the transaction must accept that standard. In modern economies, the medium of exchange is currency. Gold has served as a medium of exchange throughout history. Conclusion In short, money is considered the face of every state. The position of the state is determined not by how many soldiers it has or the power of its weapons, but by the strength of its national currency. References 1. https://www.investopedia.com/terms/m/mediumofexchange.asp 2. https://en.wikipedia.org/wiki/unit_of_account 3. https://www.wto.org/english/tratop_e/tradfa_e/tradfa_e.htm
