Which of the following is a commonly accepted definition of money? (2024)

FAQs

Which of the following is a commonly accepted definition of money? ›

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.

Any good which is commonly accepted as a medium of exchange. Any commodity that is accepted as a medium of exchange is money.

A medium of exchange that is centralized, generally accepted, recognized, and facilitates transactions of goods and services, is known as money. Money is a medium of exchange for various goods and services in an economy.

Money is any item or medium of exchange that symbolizes perceived value. As a result, it is accepted by people for the payment of goods and services, as well as the repayment of loans.

Money can be defined as a currency that has become the generally accepted medium of exchange within a market.

In short, money can be anything that can serve as a. • store of value, which means people can save it and use it later—smoothing their purchases over time; • unit of account, that is, provide a common base for prices; or. • medium of exchange, something that people can use to buy and sell from one another.

Money: Assets that people are generally willing to accept in exchange for goods and services or for payment of debts. Assets: Anything of value owned by a person or a firm.

1. : something generally accepted as a medium of exchange, a measure of value, or a means of payment: such as. a. : officially coined or stamped metal currency.

Money is a mode of payment accepted by both sellers and buyers for goods and services. Money is what we give in return when we buy stuff like food, clothes, house, groceries, etc. We give money in return for purchasing anything. This is a simple trade or exchange.

Money serves three basic functions. By definition, it is a medium of exchange. It also serves as a unit of account and as a store of value—as the “mack” did in Lompoc.

What is the definition of money quizlet? ›

money. anything that serves as a medium of exchange, a unit of account, and a store of value.

Money is best defined as: an asset that is generally accepted as means of payment for goods and services.

Exact, precise, as in Your estimate is right on the money . This term alludes to a winning bet in horse racing. [ Slang ; 1940s]

 Money is define as anything that is generally. acceptable as a means of exchange and that at. the same time act as a measure and as a store of value.  Money has three important functions i.e medium. of exchange, a standard value and a store.

Money is a highly liquid financial asset that serves as a unit of account, a medium of exchange, and a store of wealth. True. Money is best defined as. a highly liquid financial asset that's generally accepted in exchange for other goods.

Money serves four basic functions: it is a unit of account, it's a store of value, it is a medium of exchange and finally, it is a standard of deferred payment.

M1 is defined as a sum currency in circulation, demand deposits with banks, and other deposits with SBP. M3 is measured as M2 plus public deposits or investment in national saving schemes, deposits with post offices, and non-bank financial institutions. Why is it important to monitor growth in money supply?