Money

Definition

Money is any item or verifiable record accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. It functions as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.

Related terms

Currency:

The physical form of money, such as coins and banknotes, that is used in a particular country's economic transactions.

Digital Currency: A form of currency that is available only in digital or electronic form, enabling instantaneous transactions and borderless transfer-of-ownership.

Inflation:

The rate at which the general level of prices for goods and services is rising, eroding purchasing power over time