Money is any item or verifiable record that is accepted as payment for goods and services and repayment of debts and payment of national obligations, such as taxes, in a particular jurisdiction. Money is issued by a central bank.
- Medium of Exchange - The capacity of an item to expedite trade between a buyer and seller because it is widely accepted as payment for a good and services.
- Unit of Account - The capacity of an item, or subdivisions of itself, to function as a numerical monetary unit (numéraire) and act as a universal measure of the market value of goods, services, and other transactions.
- Store of Value - The capacity of an item to retain purchasing power into the future and capacity to be saved with a predictable variance in its market value over long time periods.
Money is a social technology whose efficacy is based on both its universal acceptance in an economic region and the money's coherence to three properties above.
The United States dollar and the Euro are examples of money.
The qualifies of a currency representing money are defined by coherent several other properties:
- Limited supply
- Wide acceptability
See also private money and currency.
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