money


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Money

Currency and coin that are guaranteed as legal tender by the government, a regulatory agency or bank.

Money

A commodity, asset, or (most commonly) currency that may be exchanged for goods and services. Usually, the domestic government issues its own money and provides penalties to persons and businesses in its jurisdiction that do not accept it. Money and the money supply are integral to determining interest rates, inflation, and especially economic growth. There is no uniform agreement as to what qualifies as money; some economists include more mediums of exchange than other economists. Every society throughout history has used some sort of money, even bartering economies traded for something perceived to be equivalent. See also: Money supply, Liquidity.

money

A generally accepted medium for the exchange of goods and services, for measuring value, or for making payments. Many economists consider the amount of money and growth in the amount of money in an economy very influential in determining interest rates, inflation, and the level of economic activity. There is some disagreement among economists as to what types of things actually should be classified as money; for example, should balances in money market funds be included. See also money supply.

money

an asset which is generally acceptable as a means of payment in the sale and purchase of products and other assets and for concluding borrowing and lending transactions. The use of money enables products and assets to be priced in terms of the monetary units of the country (pence and pounds in the UK, for example), and to be exchanged using money as a common medium of exchange rather than the bartering of one product against another. Money also acts as a store of value (money can be held over a period of time and used to finance future payments) and as a unit of account (money is used to measure and record the value of products and assets, as for example in compiling the country's NATIONAL INCOME accounts). See MONEY SUPPLY, MONETARY POLICY.

money

an ASSET that is generally acceptable as a medium of exchange. Individual goods and services, and other physical assests, are ‘priced’ in terms of money and are exchanged using money as a common denominator rather than one GOOD, etc., being exchanged for another (as in BARTER). The use of money as a means of payment enables an economy to produce more output because it facilitates SPECIALIZATION in production and reduces the time spent by sellers and buyers in arranging exchanges. Other important functions of money are its use as a store of value or purchasing power (money can be held over a period of time and used to finance future payments), a standard of deferred payment (money is used as an agreed measure of future receipts and payments in contracts) and as a unit of account (money is used to measure and record the value of goods or services, e.g. GROSS NATIONAL PRODUCT, over time). See LEGAL TENDER.
References in classic literature ?
His ship has just been scuttled, and he's too good a judge of the value of money to let drown.
There was money in all our pockets, and our money was as good as any man's, and our hearts were as free and generous.
From two days to a week saw the end of their money and saw them being carted by the boarding-house masters on board outward-bound ships.
But there's the interest, you must remember; your aunts get five per cent on their money, and they'd lose that if they advanced it; you haven't thought o' that.
It's pleasant work for you to be giving my money away, as you've pretended to leave at my own disposal.
We'd need save our money to keep the poor man with, instead o' spending it on furniture as he can neither eat nor drink.
But we shall hold your money, my friend, and it will strengthen us to feel that it is there.
Before the end of the vacation she gave me some work, and this, together with work in a coal-mine at some distance from my home, enabled me to earn a little money.
Notwithstanding my need of money and clothing, I was very happy in the fact that I had secured enough money to pay my travelling expenses back to Hampton.
I thought of the bank, and of the other companies in London, but I had no friend to commit the management of it to, and keep and carry about with me bank bills, tallies, orders, and such things, I looked upon at as unsafe; that if they were lost, my money was lost, and then I was undone; and, on the other hand, I might be robbed and perhaps murdered in a strange place for them.
It came in my thoughts one morning that I would go to the bank myself, where I had often been to receive the interest of some bills I had, which had interest payable on them, and where I had found a clerk, to whom I applied myself, very honest and just to me, and particularly so fair one time that when I had mistold my money, and taken less than my due, and was coming away, he set me to rights and gave me the rest, which he might have put into his own pocket.
The miser began to tell his tale, and said he had been robbed of his money.