Money is a medium of exchange that is widely accepted in transactions involving goods, services, or repayment of debts within a specific country or socio-economic context. It serves as a unit of account, a store of value, and a standard of deferred payment.
Throughout history, various forms of money have been used including commodity money (like gold or silver), representative money (backed by a commodity such as gold), and fiat money (not backed by a physical commodity but by the government's guarantee).
The modern financial system relies on fiat money, which is issued by governments an
Throughout history, various forms of money have been used including commodity money (like gold or silver), representative money (backed by a commodity such as gold), and fiat money (not backed by a physical commodity but by the government's guarantee).
The modern financial system relies on fiat money, which is issued by governments an
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