What is your own concept of money?

What is your own concept of money?

Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.

What are the types of money in economics?

Money comes in three forms: commodity money, fiat money, and fiduciary money. Most modern monetary systems are based on fiat money.

What is the definition of a money economy?

Definition of money economy : a system or stage of economic life in which money replaces barter in the exchange of goods.

What are two definitions of money?

1 : something generally accepted as a medium of exchange, a measure of value, or a means of payment: such as. a : officially coined or stamped metal currency newly minted money. b : money of account. c : paper money handed the bank teller a wad of money.

What are the 7 characteristics of money?

The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability.

What is a full meaning of money?

What is money in economics class 10?

Money can be defined as anything that act as medium of exchange, store of value and unit of accounting to facilitate the economic activities and transactions. E.g. Currency – paper notes and coins, Demand Deposits, Bankers Cheque.

Who makes the money?

The job of actually printing the money that people withdraw from ATMs and banks belongs to the Treasury Department’s Bureau of Engraving and Printing (BEP), which designs and manufactures all paper money in the U.S. (The U.S. Mint produces all coins.)

Why is money called currency?

Originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia and in Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities.