Difference between revisions of "Money"
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'''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. | '''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. | ||
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| + | ==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. | ||
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| + | [[Category: Economics]][[Category: Articles]] | ||
Revision as of 09:51, 2 June 2020
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.
