Monetary value refers to the worth of a good or service expressed in terms of money. It represents how much a product or service is worth in the market, and is determined by factors like supply, demand, and production costs. For example, the monetary value of a shirt would be the price a person pays to buy it. In economic activities, monetary value helps in measuring the exchange of goods and services and plays an important role in trade and economic decisions. It is essential for understanding the financial aspect of any transaction in an economy.
This question related to Chapter 14 Social Science Class 6th NCERT.
From the Chapter 14. Economic Activities Around Us.
Give answer according to your understanding.
Monetary value refers to the worth of goods or services measured in terms of money.
Explanation: For instance, a product sold for ₹100 has a monetary value of ₹100.
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