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
Broadband stimulus moves at dial-up speeds
Dec 03, 2009 |
5 / 5 (1) |
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Mark Morgenthaler wants nothing more than to hire 15 people to help expand his wireless Internet service, Surfnet Communications in the Santa Cruz Mountains. He can't wait to start accepting applications, interviewing candidates, ...
Are most consumers planners when it comes to time and money? New study shows some benefits
Other Sciences / Social Sciences
Dec 15, 2009 |
4 / 5 (1) |
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Planning -- regarding money or time -- can bring tangible benefits to consumers. A new study in the Journal of Consumer Research discovered what makes planners tick.
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Review: No more writing checks in lifestyle change
3 hours ago |
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(AP) -- It's been nine months since I've written a check. That's not to say I'm on some 12-step program to resist shopping. My credit card bills would suggest otherwise. Rather, when I opened a new bank account ...
Guide to breaking cell phone security revealed
4 hours ago |
4.6 / 5 (5) |
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(AP) -- A German security expert has raised the ire of the cell phone industry after he and a group of researchers posted online a how-to guide for cracking the encryption that keeps the calls of GSM-standard cell phone users ...
Cross-border conservation efforts can yield better results at less cost
7 hours ago |
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Coordination of conservation efforts across national boundaries could achieve significantly higher results and at less cost than conservation actions planned within individual states, researchers at the Hebrew ...
South African doctor sees drug-resistant HIV
Medicine & Health / HIV & AIDS
11 hours ago |
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(AP) -- It's 8 a.m. and Dr. Theresa Rossouw is already drowning behind a cluttered desk of handwritten HIV charts - new, perplexing cases of patients whose lifesaving drugs have turned against them.
Broadcasters' woes could spell trouble for free TV
Dec 29, 2009 |
4.7 / 5 (3) |
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(AP) -- For more than 60 years, TV stations have broadcast news, sports and entertainment for free and made their money by showing commercials. That might not work much longer.
Judge not lest ye be judged? Researchers explore 'moral hypocrisy' in powerful people
Medicine & Health / Psychology & Psychiatry
Dec 29, 2009 |
4.7 / 5 (20) |
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2009 may well be remembered for its scandal-ridden headlines, from admissions of extramarital affairs by governors and senators, to corporate executives flying private jets while cutting employee benefits, and most recently, ...
Research gives new perspective on periodic table
Dec 28, 2009 |
4.8 / 5 (51) |
9
Transforming lead into gold is an impossible feat, but a similar type of "alchemy" is not only possible, but cost-effective too. Three Penn State researchers have shown that certain combinations of elemental ...
House and Senate look to final health care talks
Dec 27, 2009 |
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(AP) -- How many Americans will get subsidized medical coverage - plus who will pay for it - will be front-burner issues when Congress returns next month to complete President Barack Obama's health care remake.
Google sharpens aim on mobile marketing with AdMob
Dec 27, 2009 |
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(AP) -- Four years ago, Omar Hamoui was just another ineffectual entrepreneur trying to spruce up his resume in graduate school. Now, he's poised to become Google Inc.'s newest weapon as the company aims to extend its dominance ...
High-tech vehicles pose trouble for some mechanics
Dec 27, 2009 |
4.5 / 5 (6) |
5
(AP) -- A sign inside the Humming Motors auto repair shop says, "We do the worrying so you don't have to."
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