What is money?

Money

Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.

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Famous quotes containing the word money:

    I see every thing I paint in this world, but everybody does not see alike. To the eyes of a miser a guinea is more beautiful than the sun, and a bag worn with the use of money has more beautiful proportions than a vine filled with grapes.
    William Blake (1757–1827)

    Short of a wholesale reform of college athletics—a complete breakdown of the whole system that is now focused on money and power—the women’s programs are just as doomed as the men’s are to move further and further away from the academic mission of their colleges.... We have to decide if that’s the kind of success for women’s sports that we want.
    Christine H. B. Grant, U.S. university athletic director. As quoted in the Chronicle of Higher Education, p. A42 (May 12, 1993)

    It is said the city was spared a golden-oak period because its residents, lacking money to buy the popular atrocities of the nineties, necessarily clung to their rosewood and mahogany.
    —Administration in the State of Sout, U.S. public relief program (1935-1943)