Topics

Money

Money is defined best by what money does. Money – in its various forms – fulfils various key functions including a medium of exchange, a unit of account, a store of value and a standard of deferred payment.

According to Adam Smith, money is “a neutral medium that facilitated exchange on the ‘great wheel of circulation’.”

© 2002-2024 Tutor2u Limited. Company Reg no: 04489574. VAT reg no 816865400.