what is money?(write in 6-7points)
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Money is any object that is generally accepted as payment for goods and services and the repayment of debt.
LEARNING OBJECTIVES
Distinguish between the three main functions of money: a medium of exchange, a unit of account, and a store of value
KEY TAKEAWAYS
Key Points
Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money.
Commodity money derives its value from the commodity of which it is made, while fiat money has value only by the order of the government.
Money functions as a medium of exchange, a unit of account, and a store of value.
Key Terms
Fiat money: Money that is given value because those who use it believe it has value; the value is not derived from any inherent characteristic.
Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given socioeconomic context or country. Money comes in three forms: commodity money, fiat money, and fiduciary money.
Many items have been historically used as commodity money, including naturally scarce precious metals, conch shells, barley beads, and other things that were considered to have value. The value of commodity money comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.
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Here is ur answer
Money is any object that is generally accepted as payment for goods and services and the repayment of debt.
LEARNING OBJECTIVES
Distinguish between the three main functions of money: a medium of exchange, a unit of account, and a store of value
KEY TAKEAWAYS
Key Points
Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money.
Commodity money derives its value from the commodity of which it is made, while fiat money has value only by the order of the government.
Money functions as a medium of exchange, a unit of account, and a store of value.
Key Terms
Fiat money: Money that is given value because those who use it believe it has value; the value is not derived from any inherent characteristic.
Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given socioeconomic context or country. Money comes in three forms: commodity money, fiat money, and fiduciary money.
Many items have been historically used as commodity money, including naturally scarce precious metals, conch shells, barley beads, and other things that were considered to have value. The value of commodity money comes from the commodity out of which it is made. The commodity itself constitutes the money, and the money is the commodity.
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