Q: Is money any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context? ¶
A: Yes, or is easily converted to such a form.
Q: Was money commodity money? ¶
A: Yes, such as gold and silver coins.
Q: Is money the most liquid asset because it is universally recognised and accepted as the common currency? ¶
Q: Is money the commodity? ¶
Q: Was money made into an acceptable nationwide currency? ¶
Q: Is money also backed by taxes? ¶
Q: Is money a form of fraud or forgery? ¶
Q: Was money eventually replaced by representative money? ¶
A: Yes, such as the gold standard, as traders found the physical transportation of gold and silver burdensome.
Q: Was money also associated with wars? ¶
A: Yes, and financing of wars, and therefore regarded as part of maintaining a standing army.
Q: Is money created through fractional-reserve banking? ¶
Q: Is money a broad term that refers to any financial instrument that can fulfill the functions of money? ¶
A: Yes, These financial instruments together are collectively referred to as the money supply of an economy.
Q: Is money similar to barter? ¶
A: Yes, but a commodity money provides a simple and automatic unit of account for the commodity which is being used as money.
Q: Is money historically an emergent market phenomenon establishing a commodity money? ¶
A: Yes, but nearly all contemporary money systems are based on fiat money.
Q: Is money simply a third party’s promise to pay which we accept as full payment in exchange for goods? ¶
Q: Is money used to intermediate the exchange of goods and services? ¶
A: Yes, and it is performing a function as a medium of exchange.
Q: Is money a medium of exchange that can be transported both across space and time? ¶
Q: Is money money that consists of token coins? ¶
A: Yes, and paper money or other physical tokens such as certificates, that can be reliably exchanged for a fixed quantity of a commodity such as gold or silver.
Q: Was money first introduced in Sweden in 1661? ¶
Q: Is money imitation currency produced without the legal sanction of the state or government? ¶
Q: Is money distinguished as: a medium of exchange? ¶
A: Yes, a unit of account; a store of value; and, sometimes, a standard of deferred payment.