What is Money❓

What is Money❓

You might be surprised that most people cannot answer this simple question❗

Why❓

Because what we think is "money" has changed over time without many of us realizing it❗

Answer: What is money and its functions?

Money is often defined in terms of the three functions or services that it provides.

1 - Money serves as a medium of exchange,
2 - as a store of value, and
3 - as a unit of account.

The medium of exchange - Money's most important function is as a medium of exchange to facilitate transactions. - Functions of Money - CliffsNotes
https://www.cliffsnotes.com/study-guides/economics/money-and-banking/functions-of-money

What are the 4 types of money?

In a Nutshell. The four most relevant types of money are
1 - commodity money,
2 - fiat money,
3 - fiduciary money, and
4 - commercial bank money.

Commodity money relies on intrinsically valuable commodities that act as a medium of exchange.

Fiat money, on the other hand, gets its value from a government order.
The Four Different Types of Money - Quickonomics - https://quickonomics.com/different-types-of-money/

What is money in simple words?

Money is any good that is widely used and accepted in transactions involving the transfer of goods and services from one person to another. ... Commodity money is a good whose value serves as the value of money. Gold coins are an example of commodity money.
Definition of Money - CliffsNotes - https://www.cliffsnotes.com/study-guides/economics/money-and-banking/definition-of-money

What is money and types of money?
In macroeconomics, money is anything that is widely accepted in exchange for goods and services. ... There are three types of money recognized by economists -
1 - commodity money,
2 - representative money, and also
3 - fiat money.
Money that's in the form of a commodity with intrinsic value is considered commodity money. - https://study.com/academy/lesson/money-definitions-and-basic-functions.html

Simple ❓ To further complicate matters - take a good look at the U.S. dollar -
https://en.wikipedia.org/wiki/United_States_dollar
"The authority of the Federal Reserve Banks to issue notes comes from the Federal Reserve Act of 1913. Legally, they are liabilities of the Federal Reserve Banks and obligations of the United States government. Although not issued by the Treasury Department, Federal Reserve Notes carry the (engraved) signature of the Treasurer of the United States and the United States Secretary of the Treasury."

https://en.wikipedia.org/wiki/Federal_Reserve_Note#/media/File:US-$10-FRN-1914-Fr.898a.jpg


The U.S. dollar is a "Federal Reserve Note" - " liabilities of the Federal Reserve Banks and obligations of the United States government" (a "note" is an I.O.U. - a debt instrument representing a liability)

The U.S. dollar hence is not really money but is used as such by government decree.

See also - http://moneyworld.us/ and
    https://moneyrevealed.com/eg/ep/

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