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When cash is your enemy

Researchers have known for years that parting from cash can be a psychologically painful experience for many people—much more so than spending money with a credit or debit card. The emotional discomfort is significant enough ...

Duke University pays $112M to settle faked-research lawsuit

Duke University will pay $112 million to settle a whistleblower lawsuit after federal prosecutors said a research technician's fake data landed millions of dollars in federal grants, the school and the government said Monday.

Physicist Marcelo Gleiser: 'Science does not kill God'

The annual Templeton Prize, which recognizes outstanding contributions to "affirming life's spiritual dimension," was awarded Tuesday to Brazilian Marcelo Gleiser—a theoretical physicist dedicated to demonstrating science ...

Shame about poverty often increases poverty

Shame is more common among people who have financial difficulties and is often accompanied by behavior that actually can perpetuate poverty. For example, money is spent on status symbols instead of basic necessities, and ...

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Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).

The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.

More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.

This text uses material from Wikipedia, licensed under CC BY-SA