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Money and economy.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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Money, any medium of exchange that is widely accepted in payment for goods and services and in settlement of debts. Money also serves as a standard of value for measuring the relative worth of different goods and services. The number of units of money required to buy a commodity is the price of the commodity. The monetary unit chosen as a measure of value need not, however, be used widely, or even at all, as a medium of exchange. During the colonial period in America, for example, Spanish currency was an important medium of exchange, while the British pound served as the standard of value. Money of the World Most nations have their own system of money and print their own currency. Made of paper, these pieces of currency have very little intrinsic value. As fiat money, however, the paper bills represent a specific monetary value decreed by the...
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