money

Money is a medium of exchange, a measure of value, a standard of deferred payment and a store of value. People have long argued that some of these definitions of money are in conflict with each other. For instance, a measure of value and a store of value mean the same thing to some people.

In the past, money was backed up by commodities, such as gold and silver. In the modern world, we use what is known as “fiat money," which is backed up (and valued) by a legal entity. Fiat translates into "government order." In the U.S., the legal entity controlling money is the Federal Reserve. Other major legal entities that perform this role are the European Central Bank, Bank of Japan, People’s Bank of China and the Bank of England.

The value of money traded in the international market. The value is based on market decisions, which change all the time. Some countries peg the value of their money to another larger (more accepted) currency. Money is traded in the Foreign Exchange Market, which is considered one of the most liquid markets in the world. The purpose of this market is to facilitate trade and investment.

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Original Technorati articles tagged “money”

in Gaming

Cost Versus Value in Gaming
It's not a cost of $60 but a great value at $60

by geotrax / on Jan 30, 2012

in Social Media

Unemployment numbers optimistic while many Americans not "gainfully" employed
The 8.5% unemployment rate has been looked at by most as an improvement. Yet, many Americans are "under" employed.

by theweeklystash / on Jan 22, 2012

in Business

You Gotta Know When to Hold 'Em
Verizon's about-face over a proposed fee is just the latest in a series

by oldgoat1957 / on Dec 31, 2011

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