Money
hideMoney is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.
Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).
The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.
More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.
For more information about Money, read the full article at
Wikipedia.
This text uses material from Wikipedia and is available under the GNU Free Documentation License.
News tagged with money
PayPal courts outside developers
Nov 04, 2009 |
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PayPal has opened its software platform to outside developers in a move designed to unleash a flood of creative uses for the online financial transaction service.
Poor in rural Oregon face 'double binds' when getting food
Oct 27, 2009 |
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A new study by Oregon State University researchers shows that those in poverty in rural Oregon often know what kinds of foods they should be eating, but face tough choices between eating well and spending less money for meals.
PayPal opening doors to outside developers
Oct 21, 2009 |
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PayPal plans to throw open the doors of its software platform to enable outside developers to build innovative tools using the online financial transaction service.
For online bargains, working together yields deals
Oct 16, 2009 |
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(AP) -- From karaoke to kickball, some things just don't work without a group of people. A startup wants to add one more to that list: Online bargain hunting.
Candy bar or healthy snack? Free choice not as free as we think
Other Sciences / Social Sciences
Oct 13, 2009 |
3 / 5 (3) |
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If you think choosing between a candy bar and healthy snack is totally a matter of free will, think again. A new study in the Journal of Consumer Research shows that the choices we make to indulge ourselves or exercise self-c ...
Is Second Life's Economy Too Big To Fail?
Oct 13, 2009 |
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One of the more interesting developments in terms of technology is the virtual economy -- and how it translates into something that involves real money.
Entrepreneurs face venture capital funding drought
Oct 13, 2009 |
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The number of US venture capital firms that raised new investment money sank to a 15-year low in the last fiscal quarter as a drought of funding threatened innovation around the world.
2,200 applicants in play for federal Internet grants
Oct 12, 2009 |
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The federal government is sorting through 2,200 applications seeking $28 billion to bring high-speed Internet access to more people, officials said at an Orlando technology conference Monday.
NYU anthropologist to examine how human rights rankings are created
Other Sciences / Social Sciences
Oct 05, 2009 |
5 / 5 (1) |
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New York University Anthropology Professor Sally Engle Merry will examine how rankings of human rights are created under a three-year grant from the National Science Foundation. The resulting research is designed to help ...
Young People Doing Fine When It Comes To Saving Money
Other Sciences / Social Sciences
Sep 22, 2009 |
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(PhysOrg.com) -- Younger adults may be doing a better job saving for the future than many experts believe, according to a new study.
Yahoo to spend $100M in bid for more brand buzz
Sep 22, 2009 |
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(AP) -- Yahoo will spend more than $100 million in its latest attempt to rejuvenate one of the Internet's best-known brands.
Gratitude and financial virtue
Medicine & Health / Psychology & Psychiatry
Sep 17, 2009 |
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(PhysOrg.com) -- Study by Northeastern psychologist finds feelings of gratitude prompt people to share their financial resources.
Rich people don't need friends
Medicine & Health / Psychology & Psychiatry
Sep 16, 2009 |
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In a paper evaluated by f1000 Medicine, six studies tested relationships between reminders of money, social exclusion and physical pain.
Facebook says it passed key financial milestone
Sep 15, 2009 |
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(AP) -- Facebook Inc. said Tuesday it achieved an important financial milestone, bringing in more money than it spent in the last quarter. The social networking site previously had said it didn't expect to ...
Fuel economy higher, thanks to Cash for Clunkers
Sep 14, 2009 |
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Cash for Clunkers may have run out of money, but certainly not gas.
