Medium of exchangeIn economics, a medium of exchange is any item that is widely accepted in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. Most forms of money function as media of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money exist in digital form as well as physical tokens, for example coins and notes.
Fiat moneyFiat money or fiat currency is a type of government-issued currency, generally created by a central bank, authorized by government regulation to be legal tender but not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, all the major government currencies in the world are fiat money. Fiat money generally does not have intrinsic value nor a use value.Standard of deferred paymentIn economics, standard of deferred payment is a function of money. It is the function of being a widely accepted way to value a debt, thereby allowing goods and services to be acquired now and paid for in the future. The 19th-century economist William Stanley Jevons, influential in the study of money, considered it to be one of four fundamental functions of money, the other three being medium of exchange, store of value, and unit of account.
Unit of accountIn economics, unit of account, sometimes called currency unit or monetary unit, is a standard unit of measurement of the market value of goods, services, and other transactions. Also known as a measure of relative worth and a standard of deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. It is one of the functions of money.
PaymentA payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.Store of valueA store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. The most common store of value in modern times has been money, currency, or a commodity like a precious metal or financial capital. The point of any store of value is risk management due to a stable demand for the underlying asset.
Commodity moneyCommodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation.
DebtDebt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt.
Use valueUse-value (German: Gebrauchswert; Nutzwert) or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose.
Goods and servicesGoods are items that are usually (but not always) tangible, such as pens or pears. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.
EmergenceIn philosophy, systems theory, science, and art, emergence occurs when a complex entity has properties or behaviors that its components do not have on their own, and emerge only when they interact in a wider whole. Emergence plays a central role in theories of integrative levels and of complex systems. For instance, the phenomenon of life as studied in biology is arguably an emergent property of chemistry and physics.
TaxCompulsory contribution to state revenue
specieRelated word or term.Special:Search/moneyRelated word or term.
Fiat moneyFiat money or fiat currency is a type of government-issued currency, generally created by a central bank, authorized by government regulation to be legal tender but not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Since the end of the Bretton Woods system in 1976 by the Jamaica Accords, all the major government currencies in the world are fiat money. Fiat money generally does not have intrinsic value nor a use value.Standard of deferred paymentIn economics, standard of deferred payment is a function of money. It is the function of being a widely accepted way to value a debt, thereby allowing goods and services to be acquired now and paid for in the future. The 19th-century economist William Stanley Jevons, influential in the study of money, considered it to be one of four fundamental functions of money, the other three being medium of exchange, store of value, and unit of account.Unit of accountIn economics, unit of account, sometimes called currency unit or monetary unit, is a standard unit of measurement of the market value of goods, services, and other transactions. Also known as a measure of relative worth and a standard of deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. It is one of the functions of money.PaymentA payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.Store of valueA store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved. The most common store of value in modern times has been money, currency, or a commodity like a precious metal or financial capital. The point of any store of value is risk management due to a stable demand for the underlying asset.Commodity moneyCommodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation.DebtDebt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor. Debt may be owed by a sovereign state or country, local government, company, or an individual. Commercial debt is generally subject to contractual terms regarding the amount and timing of repayments of principal and interest. Loans, bonds, notes, and mortgages are all types of debt.Use valueUse-value (German: Gebrauchswert; Nutzwert) or value in use is a concept in classical political economy and Marxist economics. It refers to the tangible features of a commodity (a tradeable object) which can satisfy some human requirement, want or need, or which serves a useful purpose.Goods and servicesGoods are items that are usually (but not always) tangible, such as pens or pears. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the production, distribution, and consumption of goods and services which underpins all economic activity and trade.EmergenceIn philosophy, systems theory, science, and art, emergence occurs when a complex entity has properties or behaviors that its components do not have on their own, and emerge only when they interact in a wider whole. Emergence plays a central role in theories of integrative levels and of complex systems. For instance, the phenomenon of life as studied in biology is arguably an emergent property of chemistry and physics.TaxCompulsory contribution to state revenuespecieRelated word or term.Special:Search/moneyRelated word or term.*As an Amazon Associate I earn from qualifying purchases.