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Money is any object or record that is generally accepted as payment for goods and services and
repayment of debts in a given socio-economic context or country.[1][2][3] The main functions of
money are distinguished as: a medium of exchange; a unit of account; a store of value; and,
occasionally in the past, a standard of deferred payment.[4][5] Any kind of object or secure
verifiable record that fulfills these functions can be considered money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly
all contemporary money systems are based on fiat money.[4] Fiat money, like any check or note of
debt, is without intrinsic use value as a physical commodity. It derives its value by being declared by
a government to be legal tender; that is, it must be accepted as a form of payment within the
boundaries of the country, for "all debts, public and private"[citation needed]. Such laws in practice
cause fiat money to acquire the value of any of the goods and services that it may be traded for
within the nation that issues it.
The money supply of a country consists of currency (banknotes and coins) and bank money (the
balance held in checking accounts and savings accounts). Bank money, which consists only of
records (mostly computerized in modern banking), forms by far the largest part of the money supply in developed nations.[6][7][8]
