Money is anything that is generally accepted as payment A payment is the transfer of wealth from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility. It is often used when referring to a Goods and Services Tax and repayment of debts Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall.[1][2] The main functions of money are distinguished as: a medium of exchange By contrast, as William Stanley Jevons argued, in a barter system there must be a coincidence of wants before two people can trade – one must want exactly what the other has to offer, when and where it is offered, so that the exchange can occur. A medium of exchange permits the value of goods to be assessed and rendered in terms of the, a unit of account A unit of account is a standard monetary unit of measurement of the market value/cost of goods, services, or assets. It is one of three well-known functions of money. It lends meaning to profits, losses, liability, or assets, a store of value A recognized form of exchange can be a form of money or currency, a commodity like gold, or financial capital. To act as a store of value, these forms must be able to be saved and retrieved at a later time, and be predictably useful when retrieved, and occasionally, a standard of deferred payment A standard of deferred payment is the accepted way, in a given market, to settle a debt – a unit in which debts are denominated. It is one of the defining functions of money; for example, while the gold standard reigned, gold or any currency convertible to gold at a fixed rate constituted such a standard. As of 2003, the US dollar and the euro.[3][4]
Money originated as commodity money Commodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money, but nearly all contemporary money systems are based on fiat money The term derives from the Latin fiat, meaning "let it be done". Where fiat money is used as currency, the term fiat currency is used. Today, most national currencies are fiat currencies, including the US dollar, the euro, and all other reserve currencies.[3] Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender Legal tender or forced tender is an offered payment that, by law, cannot be refused in settlement of a debt, and have the debt remain in force. Currency is the most common form of 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".
The money supply In economics, money supply or money stock, is the total amount of money available in an economy at a particular point in time. There are several ways to define "money," but standard measures usually include currency in circulation and demand deposits of a country consists of currency In economics, the term currency can refer either to a particular currency, for example the US dollar, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means (banknotes and coins) and demand deposits A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply or 'bank money' (the balance held in checking accounts A transactional account is a deposit account held at a bank or other financial institution, for the purpose of securely and quickly providing frequent access to funds on demand, through a variety of different channels. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts and savings accounts Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return). These demand deposits A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply usually account for a much larger part of the money supply than currency.[5][6] Bank money A demand deposit or bank money refers to the funds held in demand deposit accounts in commercial banks. These account balances are considered money and usually form the greater part of money supply is intangible and exists only in the form of various bank records. Despite being intangible, bank money still performs the basic functions of money, being generally accepted as a form of payment.[7]
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