Britannica Money (2024)

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In general, there are four main characteristics that money should fulfill: durability, divisibility, transportability, and inability to counterfeit. Let's take a closer look: Durability: If money stays the same in terms of shape and substance over time, it is said to be durable.

Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. 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.

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When demand for the dollar increases then so does its value. Conversely, if the demand decreases, so does the value. The demand for the dollar increases when international parties, such as foreign citizens, foreign central banks, or foreign financial institutions demand more dollars.

A credit card isn't considered money because it does not serve as a store of value or a unit of account. Even though it can facilitate trade as a medium of exchange, it essentially does so by extending credit (a promise of future payment), and not by representing actual stored value.

The relative scarcity of money refers to a problem of shortage of supply or distribution of money in the economy with the presence of physical quantity. In other words, money in an economy is available, but it relates to the ability to own that money.

Before the creation of money, exchange took place in the form of barter, where people traded to get the goods and services they wanted. Two people, each having something the other wanted, would agree to trade one another. In economics, we call this a double coincidence of wants.

Who created money? ›

Historians generally agree that the Lydians were the first to make coins. However, in recent years, Chinese archaeologists have uncovered evidence of a coin production mint located in China's Henan Province thought to date to 640 B.C. In 600 B.C., Lydia began minting coins widely used for trading.

The Four Fundamental Rules of Personal Finance

Spend less than you make. Spend way less than you make, and save the rest. Earn more money. Make your money earn more money.

The shekel was the unit of weight and currency, first recorded c. 2150 BC, which was nominally equivalent to a specific weight of barley that was the preexisting and parallel form of currency.

To summarize, money has taken many forms through the ages, but money consistently has three functions: store of value, unit of account, and medium of exchange. Modern economies use fiat money-money that is neither a commodity nor represented or "backed" by a commodity.

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