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    what is money

    what is money

    +1  Views: 896 Answers: 4 Posted: 11 years ago

    4 Answers

    Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.
    Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without intrinsic use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Such laws in practice cause fiat money to acquire the value of any of the goods and services that it may be traded for within the nation that issues it.
    The money supply of a country consists of currency (banknotes and coins) and bank money (the balance held in checking accounts and savings accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of the money supply in developed nations.


    Read more  >http://en.wikipedia.org/wiki/Money

    Money is the route of all Evill,

    jhharlan

    Actually, it's THE LOVE OF MONEY IS THE ROOT OF ALL EVIL.....
    hector5559

    I was thinking of the song,

    Dictionaries definition of money: 
    "A current medium of exchange in the form of coins and banknotes; coins and banknotes collectively."

    money is anything that every one is prepared to accept in exchange of goods and services

    ROMOS

    Well done, you're a quick learner.


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