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money, a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade, and it is the principal measure of wealth. 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.
Understanding the Context
[1] The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money has been helping people enrich their lives for over 50 years. We provide news, educational resources and tools to achieve financial success. What is Money?
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Key Insights
Money refers to any verifiable record that is accepted as a medium of exchange for payment of goods and services and repayment of debts in a specific country. Throughout history, governments adopted different forms of money, such as gold, silver, coins, and banknotes. The meaning of MONEY is something generally accepted as a medium of exchange, a measure of value, or a means of payment. How to use money in a sentence. Frequently Asked Questions About money.