what is money? What is bank?
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Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context.[1][2][3] The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.[4][5] Any item or verifiable record that fulfills these functions can be considered as money.A bank is a financial institution that accepts deposits from the public and creates credit.[1]Lending activities can be performed either directly or indirectly through capital markets.
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A Bank is an institution that deals in money & it's substitutes and provides other other financial services.
There are 3 types of money recognized by economists-commodity money,representative money,and also flat money
There are 3 types of money recognized by economists-commodity money,representative money,and also flat money
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