Money Banking and the Federal Reserve System Free Essay, Term Paper and Book Report
What is Money? Money has always been used by society. It makes the world go round and round. According to the Britannica Encyclopedia money is:
A commodity accepted by general consent as a medium of economic exchange.
It is the medium in which prices and values are expressed; as currency, it circulates anonymously from person to person and country to country, thus facilitating trade,
and it is the principal measure of wealth.
The use of money makes things easier and allows you to do every day things. Without the use of money things would be further difficult and time consuming.
What are the functions of money? There are three main functions of money. Initially, the medium of exchange is received as a payment for goods and service. Its a trade to avoid the troubles of a barter system. Many years ago before people used dollar bills and coins people had to get their goods by bartering. This allowed the trade of one good for another without the use of actual physical money. Secondly, the unit of accounting is a measure by which individuals compare prices for the value of g......
Word Count: 1448
Page Count: 5.7 (250 words a page / double spaced)
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