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
Winning While Losing: New Strategy Solves 'Two-Envelope' Paradox
Aug 18, 2009 |
3.6 / 5 (34) |
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(PhysOrg.com) -- Researchers from Australia have taken a step toward resolving a seemingly simple yet unsolved paradox known as the "two-envelope" problem. They’ve worked out a new strategy that can enable ...
Economists say copyright and patent laws are killing innovation; hurting economy
Mar 05, 2009 |
5 / 5 (16) |
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(PhysOrg.com) -- Abolishing patent and copyright laws sounds radical, but two economists at Washington University in St. Louis say it's an idea whose time has come. Michele Boldrin and David K. Levine see innovation as a ...
Money makes the heart grow less fond... but more hardworking
Medicine & Health / Psychology & Psychiatry
Jul 09, 2008 |
4.2 / 5 (18) |
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Money is a necessity: it provides us with material objects that are important for survival and for entertainment, and it is often used as a reward. But recent studies have shown that money is not only a device for gaining ...
Obama space panel says moon return plan is a no-go (Update)
Space & Earth / Space Exploration
Sep 08, 2009 |
4.6 / 5 (15) |
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(AP) -- A White House panel of independent space experts says NASA's return-to-the-moon plan just won't fly.
Achieving Fame, Wealth, and Beauty are Psychological Dead Ends, Study Says
Medicine & Health / Psychology & Psychiatry
May 14, 2009 |
3.9 / 5 (14) |
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(PhysOrg.com) -- If you think having loads of money, fetching looks, or the admiration of many will improve your life — think again. A new study by three University of Rochester researchers demonstrates that progress on these ...
Cut and run: New research predicts risk avoidance in the face of chronic economic loss
Oct 27, 2008 |
4 / 5 (9) |
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Individual investors are liquidating their holdings at record levels as financial markets sink, often absorbing losses to avoid possibly worse pain later. Contradicting the counsel of many financial advisers, it also flies ...
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.
Fuel economy higher, thanks to Cash for Clunkers
Sep 14, 2009 |
4.2 / 5 (6) |
1
Cash for Clunkers may have run out of money, but certainly not gas.
Fake video dramatically alters eyewitness accounts
Medicine & Health / Psychology & Psychiatry
Sep 14, 2009 |
5 / 5 (5) |
1
(PhysOrg.com) -- Researchers at the have found that fake video evidence can dramatically alter people's perceptions of events, even convincing them to testify as an eyewitness to an event that never happened.
New study: Up to 90 percent of US paper money contains traces of cocaine
Aug 17, 2009 |
2.9 / 5 (8) |
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You probably have cocaine in your wallet, purse, or pocket. Sound unlikely or outrageous? Think again! In what researchers describe as the largest, most comprehensive analysis to date of cocaine contamination ...
Rich people don't need friends
Medicine & Health / Psychology & Psychiatry
Sep 16, 2009 |
3.8 / 5 (6) |
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In a paper evaluated by f1000 Medicine, six studies tested relationships between reminders of money, social exclusion and physical pain.
Americans need to save paycheck-to-paycheck
Aug 21, 2008 |
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Americans are better at saving money when they set goals in the near future -- such as next month -- rather than the more distant future, according to a new study by researchers at Rice University and Old Dominion University. ...
Tackling climate change with new permits to pollute
Jan 06, 2009 |
2.1 / 5 (7) |
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A new way to reduce carbon dioxide emissions and tackle climate change had been unveiled by leading economists.
Money won't buy happiness: Poverty-reduction programs need to also look at improving people's well-being
Other Sciences / Social Sciences
Sep 07, 2009 |
4.7 / 5 (3) |
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There is more to life satisfaction than money, and public policy programs aiming to tackle poverty need to move beyond simply raising people's income to also improving their quality of life in other areas. These findings1 ...
Money management sites promise financial salvation
Mar 17, 2009 |
3.7 / 5 (3) |
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Money management websites promising to save the Internet generation from financial disaster have made their case to technology trendsetters.
