MONEY is any item or verifiable record that is generally accepted as form of payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of MONEY are distinguished as: a medium of exchange; aunit of account; a store of value; and, perhaps, a standard of deferred payment.Any item or verifiable record that fulfills these functions can be considered 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 intrinsic 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". Such laws in practice cause fiat money to acquire the value of any of the goods and services that it may be TRADED for within the nation that issues it.
Business Business cycle Capital Capital accumulation Capital markets Capitalist mode of production Central bank Company and Corporation Competitive markets Economic interventionism Fictitious capital Fiscal policy Financial market Free price system Free market Invisible hand Intellectual property Copyright & Patent Liberalization Money Monetary policy Private property Privatization Profit Regulated market Supply and demand Surplus value Wage labour
A sample picture of a fictional ATM card. The largest part of the world's money exists only as accounting numbers which are transferred between FINANCIAL computers. Various plastic cards and other devices give individual consumers the power to electronically transfer such money to and from their bank accounts, without the use of CURRENCY