Difference between revisions of "Money"
(Created page with "'''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 particula...") |
|||
| (One intermediate revision by one other user not shown) | |||
| Line 1: | Line 1: | ||
'''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. | ||
| + | |||
| + | ==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.) | ||
| + | |||
| + | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 17:49, 2 July 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.
According to Macroeconomics by Mankiw (7th edition),
- Money. The stock of assets used for transactions. (Cf. commodity money, fiat money.)
