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
The Thought Is What Counts
Medicine & Health / Psychology & Psychiatry
Dec 22, 2009 |
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Holiday gift givers who expect to be appreciated for choosing the most expensive gifts are likely to be disappointed when their presents are unwrapped. Cost has little impact on how much we value the gifts we receive, according ...
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Splitting fluorescent protein helps image clusters in live cells
19 hours ago |
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Half a protein is better than none, and in this case, it's way better than a whole one. A Rice University lab has discovered that dividing a particular fluorescent protein and using it as a tag is handy for analyzing the ...
China bloggers fined for defamation: report
Dec 26, 2009 |
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Two Chinese bloggers were ordered to pay about 290,000 yuan (42,478 dollars) in compensation to the widow of film director Xie Jin for claiming he died in the arms of a prostitute, a report said Saturday.
Abortion looms as possible health bill deal killer
Dec 23, 2009 |
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(AP) -- The way abortions are covered under health care reform is a major obstacle to finalizing the legislation, even though the House and Senate both agree that no federal money should be used.
Routine screening for postnatal depression not cost effective
Medicine & Health / Psychology & Psychiatry
Dec 23, 2009 |
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Routine screening for postnatal depression in primary care - as recommended in recent guidance from the National Institute for Health and Clinical Excellence (NICE) - do not appear to represent value for money for the NHS, ...
Feds mull regulating drugs in water
Dec 22, 2009 |
3 / 5 (2) |
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(AP) -- Federal regulators under President Barack Obama have sharply shifted course on long-standing policy toward pharmaceutical residues in the nation's drinking water, taking a critical first step toward regulating some ...
Glitter-sized solar photovoltaics produce competitive results
Dec 22, 2009 |
4.4 / 5 (32) |
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Sandia National Laboratories scientists have developed tiny glitter-sized photovoltaic cells that could revolutionize the way solar energy is collected and used.
Cost-cutting Yahoo to close offices for holidays
Dec 22, 2009 |
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(AP) -- Yahoo says it will close its offices from Christmas through New Year's to help save money. The cost-cutting move ends a year in which Yahoo's revenue declined for the first time since 2001.
White House picks new cyber coordinator
Dec 22, 2009 |
4 / 5 (1) |
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(AP) -- The White House has tapped a corporate cyber security expert and former Bush administration official to lead the effort to shore up the country's computer networks and better coordinate with companies that operate ...
Financial instruments could be spiked with unfindable risks
Dec 21, 2009 |
4.6 / 5 (15) |
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(PhysOrg.com) -- In a result that may have implications for financial regulation, researchers from computer science and economics have revealed potentially impenetrable problems with the pricing of financial ...
Banks and bailouts: Playing politics?
Dec 21, 2009 |
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(PhysOrg.com) -- Banks with strong political connections were more likely to receive bailout money from the government—and more of it—in the past year than those with weaker ties, say University of Michigan researchers.
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