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
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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Feds mull regulating drugs in water
5 hours ago |
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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
5 hours ago |
4.7 / 5 (13) |
0
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
13 hours ago |
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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
13 hours ago |
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 |
4.8 / 5 (5) |
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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 |
1 / 5 (1) |
2
(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.
EPA, Army Corps urged to consider separating Great Lakes, river basin
Dec 21, 2009 |
5 / 5 (1) |
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The once-radical idea of somehow plugging the Chicago Sanitary and Ship Canal to stop the flow of unwanted species from spilling between the Great Lakes and Mississippi River basin is quickly picking up political support.
Google, Bing deals make Twitter profitable: BusinessWeek
Dec 21, 2009 |
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Twitter has reached profitability after signing deals with Google and Microsoft to make the micro-blogging service searchable on the Internet, BusinessWeek magazine reported on Monday.
Stern's threat to quit Sirius could be empty talk
Dec 21, 2009 |
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(AP) --Howard Stern is threatening to leave Sirius XM Radio Inc. now that the shock jock and the satellite radio provider are getting set to enter contract talks in 2010.
Health Care bill clears key Senate test
Dec 21, 2009 |
3.2 / 5 (5) |
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(AP) -- Landmark health care legislation backed by President Barack Obama passed its sternest Senate test in the pre-dawn hours early Monday, overcoming Republican delaying tactics on a 60-40 vote that all ...
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