Finance : Money

Jun 18th, 2015
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Anything that is generally acceptable as a means of payment in the settlement of all transactions, including debt, is money. Money is the generally-used medium of exchange or means of transferring purchasing power. The unique feature of money is that it is generally accepted as a medium of exchange or as a means of payment.

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Anything that is generally acceptable as a means of payment in the settlement of all transactions, including debt, is money. Money is the generally-used medium of exchange or means of transferring purchasing power. The unique feature of money is that it is generally accepted as a medium of exchange or as a means of payment. Money has the power to buy things directly in all markets. It need not require to be converted into something else before it can be spent or used for the settlement of debt. In simple terms what we use to pay for things or services is referred to as money.Various things such as goats, cows, rice, silver and gold pieces and coins, paper currency notes and demand deposits of banks have served as money at different times and place. At present, to a layman in India the Rupee is the money, in England the Pound and in America the Dollar is the money. But, to an economist, all these are (Rupee, Pound and Dollar) merely different units of money.Money belongs to the category of things which are not amenable to any single definition. It has been defined differently by different economists. Some of the definitions of money are stated below :According to Walker, 'Money is that money does'.Saligman defines money as 'One thing that possesses general acceptability.'According to Coulborn, 'Money may be defined as the means of valuation and payment.'Hicks says that 'Money is defined by its functions.'According to Kent, 'Money is anything which is commonly use

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