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Answer» Hello mate.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of DEBTS, such as TAXES, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of valueand sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, LIKE any check or note of debt, is without use value as a physical commodity. It 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 boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
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