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) |
42
(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 ...
Achieving Fame, Wealth, and Beauty are Psychological Dead Ends, Study Says
Medicine & Health / Psychology & Psychiatry
May 14, 2009 |
3.9 / 5 (14) |
4
(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 ...
Is Second Life's Economy Too Big To Fail?
Oct 13, 2009 |
3.7 / 5 (7) |
1
One of the more interesting developments in terms of technology is the virtual economy -- and how it translates into something that involves real money.
Young People Doing Fine When It Comes To Saving Money
Other Sciences / Social Sciences
Sep 22, 2009 |
not rated yet |
2
(PhysOrg.com) -- Younger adults may be doing a better job saving for the future than many experts believe, according to a new study.
Gratitude and financial virtue
Medicine & Health / Psychology & Psychiatry
Sep 17, 2009 |
5 / 5 (1) |
0
(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 |
3.8 / 5 (6) |
2
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 |
5 / 5 (1) |
0
(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 ...
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.
Obama space panel says moon return plan is a no-go (Update)
Space & Earth / Space Exploration
Sep 08, 2009 |
4.6 / 5 (15) |
40
(AP) -- A White House panel of independent space experts says NASA's return-to-the-moon plan just won't fly.
Poor money saving linked to general impulsiveness
Medicine & Health / Psychology & Psychiatry
Sep 03, 2009 |
5 / 5 (1) |
1
Financial imprudence is linked to other impulsive behaviour such as overeating, smoking and infidelity, according to a new study led by UCL researchers, published in the journal Personality and Individual Differences.
Fatal (fiscal) attraction: Tightwads and spendthrifts tend to marry (w/ Video)
Other Sciences / Social Sciences
Aug 27, 2009 |
3 / 5 (1) |
0
(PhysOrg.com) -- When it comes to love and money, opposites really do attract, says a University of Michigan researcher.
New study: Up to 90 percent of US paper money contains traces of cocaine
Aug 17, 2009 |
2.9 / 5 (8) |
12
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 ...
Deal or No Deal? Game Show used to study Risk Aversion Behavior
Other Sciences / Social Sciences
Jul 15, 2009 |
3 / 5 (2) |
0
(PhysOrg.com) -- A new study in the International Review of Finance , published by Wiley-Blackwell, used data from the popular television game show, 'Deal or No Deal?', to explore risk aversion and economic decision-making ...
Japan's DoCoMo eyes cash transfer by cellphone
May 27, 2009 |
5 / 5 (1) |
1
Japan's top mobile telephone operator NTT DoCoMo said Wednesday it aimed to launch a new service enabling cash transfers simply by entering the recipient's cellphone number.
Inflation 'felt' to be not so bad as a wage cut
Medicine & Health / Psychology & Psychiatry
Mar 23, 2009 |
not rated yet |
0
Many people view a rise in their income as a good thing, even when the increase is completely negated again by inflation. Researchers at Bonn University and the California Institute of Technology have discovered the cerebro-physiological ...
