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2 scientists win Nobel chemistry prize for gene-editing tool

The Nobel Prize in chemistry went to two researchers Wednesday for a gene-editing tool that has revolutionized science by providing a way to alter DNA, the code of life—technology already being used to try to cure a host ...

Panel to announce 2020 Nobel Prize for chemistry

The 2020 Nobel Prize for chemistry is being announced Wednesday, an award that has frequently honored work which led to practical applications in wide use today—such as last year's win for the brains behind the lithium-ion ...

Panel to announce 2020 Nobel Prize for physics

The 2020 Nobel Prize for physics is being announced Tuesday, an award that has in the past honored discoveries about the tiniest of particles and the vast mysteries of outer space.

Dealing a blow on monetarism

This year's third issue of the Financial Journal opens with an article by Marina Malkina, Professor at the Department of Economic Theory and Methodology of the UNN Institute of Economics and Entrepreneurship, and Igor Moiseev, ...

Owe the IRS? No problem, some Americans say

A new study shows the surprising way that many American taxpayers adjust their standard of living when they owe money to the IRS versus when they receive tax refunds.

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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