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 Music
  Teen Raps Money Management
  Las Vegas teen raps about personal finances to win contest
  by savingadvice / on Apr 20, 2012
• in Videos
  Money-Saving Tips For Parents
  From switching to CFL light bulbs to checking unit prices, families can realize considerable savings with these simple tips
  by samkj27 / on Apr 9, 2012
• in Technorati Women
  Marketing Obamacare to Public Via Jesus Christ
  The Good Samaritan offered to pay anything to heal his neighbor, much like the promises of Obamacare.
  by stephengfm / on Apr 8, 2012

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