Meaning and Function of Money

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Presentation transcript:

Meaning and Function of Money Economist’s Meaning of Money 1. Anything that is generally accepted in payment for goods and services 2. Not the same as wealth or income Functions of Money 1. Medium of exchange – mitigates transaction costs => efficiency 2. Unit of account (vs. Barter) 3. Store of value (liquidity, price fluctuations, hyperinflation) Evolution of Payments System - Money spontaneously emerged in every society 1. Precious metals like gold and silver 2. Paper currency (fiat money) 3. Checks 4. Electronic means of payment 5. Electronic money: Debit cards, Stored-value cards, Smart cards, E-cash

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