What is the definition of money?

Money is a widely accepted medium of exchange that is used to facilitate transactions and represent value. It can take the form of coins, banknotes, or digital currency, and is typically issued by a government or central authority. Money serves as a store of value, allowing individuals and businesses to save their wealth for future use. Additionally, it acts as a unit of account, providing a common measure for the value of goods, services, and assets. The definition of money has evolved over time, adapting to advancements in technology and changes in financial systems. Ultimately, money acts as a crucial tool in modern economies, enabling economic activity and providing a means of exchange between individuals and entities.

This mind map was published on 17 September 2023 and has been viewed 53 times.