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Three win Nobel Prize for showing how cells sense low oxygen

Two Americans and a British scientist won a Nobel Prize on Monday for discovering details of how the body's cells sense and react to low oxygen levels, providing a foothold for developing new treatments for anemia, cancer ...

'Siberia is burning': Russians choke on forest fire smog

Svetlana Tuflyakova is in a hurry as she pushes her small son in his pram, keen to get back inside her house and away from the permeating smoke of Siberian wildfires: "It feels like it fills your whole body," she says.

How valuable is financial aid to low-income students?

In the 2015-16 academic year, students received $28 billion in Federal Pell Grants. The monetary assistance helps students who display exceptional financial need pay for their tuition. But more than the dollar amount is how ...

Thousands of endangered animals seized in customs operation

Police and customs officials have carried out the most widespread anti-wildlife-trafficking operation ever in a joint global operation that's led to the seizure of tens of thousands of endangered animals and the arrest of ...

Cryptocurrencies need close scrutiny, monitor warns

An international financial monitor warned world leaders Tuesday that wider use by retail shoppers of cryptocurrencies like Libra, unveiled last week by Facebook, would need "close scrutiny" by regulators.

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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