Money | Topics | tutor2u Economics

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’.”

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    Could I Be An Elephant? (Functions & Characteristics of Money)

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