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Definitions of Money

幫考網校2020-08-05 11:35:28
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Money refers to any medium of exchange that is widely accepted in transactions for goods and services.

There are various definitions of money, including:

1. Classical definition: Money is anything that is widely accepted as a medium of exchange in transactions for goods and services.

2. Modern definition: Money is a means of payment that is used to settle transactions and debts.

3. Functional definition: Money is anything that performs the functions of a medium of exchange, a unit of account, and a store of value.

4. Legal definition: Money is a legal tender that is recognized and accepted by the government as a means of payment for debts and taxes.

5. Economists' definition: Money is a social and economic institution that facilitates exchange and trade by providing a standard unit of value and a means of payment.
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