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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.

Cashing on cryptocurrencies

Heed the words of their profits—In uncertain times, uncertain things can happen. Writing in the International Journal of Business Performance Management, a team in the United Arab Emirates asks whether cryptocurrencies, ...

Why people go into debt: The money isn't really theirs

In 2019, U.S. consumer debt reached an all-time high, surpassing levels last seen during the 2008 financial crisis. Such debt takes many forms, including mortgages and student loans. But credit card debt alone exceeded $870 ...

Financial therapy can aid well-being, stability

Financial therapy—a relatively new field that combines the emotional support of a marriage counselor with the money mindset of a financial planner—could help couples navigate disagreements, money concerns and financial ...

Study reveals breach of 'dancing' barrier governs crystal growth

While crystals have been studied for centuries and are ubiquitous in daily life—they are in our bones, the food we eat and the batteries we use—scientists still don't fully understand how crystals grow or how to efficiently ...

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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