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Employment status affects our morals around money

In the study 'Moral consequences of becoming unemployed', endorsed by the prestigious scientific journal PNAS, researchers at the UPV/EHU's Faculty of Economics and Business and at the University of Nottingham (UK) have analysed ...

S-money: Ultra-secure form of virtual money proposed

A new type of money that allows users to make decisions based on information arriving at different locations and times, and that could also protect against attacks from quantum computers, has been proposed by a researcher ...

Can plants grow on the moon? NASA plans test in 2015

(Phys.org) —NASA is planning to launch a milestone experiment involving growing plants on the moon. The target date is 2015, when the agency will deposit plants on the moon's surface. The initiative is being driven by the ...

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 ...

Can maths help you win at roulette?

Albert Einstein supposedly once said: "No one can win at roulette unless he steals money from the table while the croupier isn't looking."

How alternative currencies could catch on and cash in

Alternatives to cash, like Bitcoin and Uber, may never replace the coins in our pockets or paper bills in our wallets, but they are creating significant social and economic impacts, and with some design adjustments, could ...

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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