Difference between revisions of "Money"
| Line 4: | Line 4: | ||
According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | 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. | :[[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]] | [[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.)
