Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Money. Whatever serves society in three functions: medium of exchange, unit of account, and store of value.
According to Macroeconomics by Mankiw (7th edition),
- Money. The stock of assets used for transactions. (Cf. commodity money, fiat money.)