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\u00a0<\/span><\/p>\n Money is an economic unit.<\/span><\/p>\n Money is recognized\u00a0as a medium of exchange\u00a0for monetary transactions in an economy. <\/span><\/p>\n Money has a physical property and market participants have adopted it as a medium of exchange. <\/span><\/p>\n \u00a0<\/span><\/p>\n Each government of the country has its own money.<\/span><\/p>\n Money is the most liquid asset used in the settlement of present and future financial transactions.<\/span><\/p>\n It has value in its country and has international value through foreign exchange.<\/span><\/p>\n \u00a0<\/span><\/p>\n In economics, there are three types of money.<\/span><\/p>\n They are commodity money, fiat money and bank money.<\/span><\/p>\n \u00a0<\/span><\/p>\n Commodity money is a goods, which has equal value to real money.<\/span><\/p>\n The gold coin is commodity money.<\/span><\/p>\n \u00a0<\/span><\/p>\n Fiat money is a goods, which is issued by the central government.<\/span><\/p>\n Dollar, Euro, Rs are the example of fiat money.<\/span><\/p>\n \u00a0<\/span><\/p>\n Bank money is a credit balance at the bank.<\/span><\/p>\n This money can be withdrawn by issuing a cheque, by internet banking or plastic ATM and Debit card.<\/span><\/p>\n \u00a0<\/span><\/p>\n Keep in Mind<\/span><\/b><\/p>\n Money is the most liquidity asset used for the transaction of goods and services.<\/span><\/p>\n In the early stages of civilization, different people used different commodities as money. <\/span><\/p>\n They were cattle, tobacco, shells, wheat, tea, salt, knives, leather etc.<\/span><\/p>\n They also used to animals such as sheep, horses and oxen etc as money. <\/span><\/p>\n Later, metals like copper, iron and lead, tin had been used as money. <\/span><\/p>\n Gradually, precious metals such as gold and silver replaced other metals as money. <\/span><\/p>\n Nowadays, paper money and metallic money (coins) are in use. <\/span><\/p>\n Moreover credit instruments like cheque, credit cards are also used as money. <\/span><\/p>\n The next generation money is cryptocurrency or digital money.<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n According to Walker, <\/span><\/i>“Money is that money does.” <\/span><\/i><\/p>\n \u00a0<\/span><\/i><\/p>\n According to Marshal, <\/span><\/i>“Money is the pivot around which economic science clusters.” <\/span><\/i><\/p>\n \u00a0<\/span><\/i><\/p>\n Keynes has defined money, <\/span><\/i>“Money is that by the delivery of which debt-contracts and price contracts are discharged in the shape of which a store of general purchasing power is held.” <\/span><\/i><\/p>\n \u00a0<\/span><\/i><\/p>\n According to Nepal Rastra Bank, <\/span><\/i>“Money means all types of currency notes, postal orders, postal notes, money orders, cheques, drafts, traveller’s cheques, letters of credit, bills of exchange, promissory notes and credit cards.\u201d<\/span><\/i><\/p>\n \u00a0<\/span><\/p>\n <\/p>\n Keep in mind (KIM)<\/span><\/b><\/p>\n Different terms for money:<\/span><\/p>\n<\/td>\n<\/tr>\n Cash: currency, ready money, ready cash, change, coins, coinage, dosh (UK slang), greenbacks (US slang), bucks (US informal)<\/span><\/p>\n<\/td>\n<\/tr>\n Wealth: capital, funds, income, earnings, means, wages,\u00a0 stock, equities, assets, big bucks (US slang)<\/span><\/p>\n<\/td>\n<\/tr>\n Paper money are notes and cheques,<\/span><\/p>\n<\/td>\n<\/tr>\n Plastic money are debit card, credit card, smart card etc.<\/span><\/p>\n<\/td>\n<\/tr>\n Online money through Bank App<\/span><\/p>\n<\/td>\n<\/tr>\n Online money payments in Nepal are eSewa, Khatli, Connect IPS, iPay etc.<\/span><\/p>\n<\/td>\n<\/tr>\n Online money payments in Pakistan are <\/span>EasyPaisa, JazzCash, Upaisa, GoLootLO, PayPak etc.<\/span><\/p>\n<\/td>\n<\/tr>\n Online money payments in India are Paytm, BHIM, InstaMojo, PayU India, Citrus Pay, CCAvenue, EBS Payment Gateway etc.<\/span><\/p>\n<\/td>\n<\/tr>\n Online money payments in international like Western Union, PayPal, MasterCard etc.<\/span><\/p>\n<\/td>\n<\/tr>\n Cryptocurrency or virtual moneys are Bitcoin, Litecoin, Ethereum, Zcash, Dash, Ripple, Monero etc. <\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n Click on the photo for FREE <\/span><\/b>e<\/span><\/b>Books<\/span><\/b><\/p>\n \u00a0<\/p>\nMoney | Money in Economics | Meaning of Money<\/span><\/b><\/span><\/h2>\n
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