Ebtihaj's Encyclopedia of Economics Wiki

Any thing that can perform the following functions is Money:

  • unit of account
  • medium of exchange
  • store of value

Unit of account

A unit that defines the value/price of any element in a transaction.

Medium of exchange

A publicly acceptable commodity/element that can be used in a transaction for the exchange of good(s) and service(s).

Store of value

An element that has a quality to accumulate the value for future use.