Question

Define the term money.

Answer 1

hello mate.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of valueand sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money.  Fiat money, like any check or note of debt, is without use value as a physical commodity. It 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 boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.

Answer 2

Definition of the term money is as follows:

• In economy, an economic unit, money generally functions as way for transnational purpose.
• Reduction of transaction cost is provided by monetary service.
• Commodity money, representative and fiat money are included money.
• There are some mediums which are used in exchange of money like salt, rice, gold, silver, large stones, alcohol, cigarettes etc.