Money Defined

“These issues can be resolved by something that represents value. Let’s call it money. These pieces of metal and paper serve to facilitate trade in three ways: they serve as a medium of exchange; they allow value to be stored from one year to the next; and they serve as a unit of account.”

“Basically, money makes trade more manageable. By serving as a medium in the exchance, money acts as a go-between for all the transactions of goods and services that make up the world economy.”

p. 11 “A Beginners’s Guide to the World Economy“, Randy Charles Epping, 1992

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s