What Is Money?

Money may make the world go around, as the song says

And most people in the world probably have handled money, many of them on a daily basis. But despite its familiarity, probably few people could tell you exactly what money is, or how it works.

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
  • medium of exchange, something that people can use to buy and sell from one another

Read the full story at: International Monetary Fund






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