|What is Money?
The answer to the question is simple. Money is anything widely used for paying debts owed by a person to someone else and also for receiving the payments of debts owing to a person from someone else. A country produces coins and banknotes, (accepted by everyone) for the payment of bills and for the receipt of money owing.
Money is what is known as a "medium
This method of trading was fine for a while. As society developed, business became more cumbersome and inefficient with this method of trade. Business dealings became stilted and slow and lagged behind the new pace of commerce. There had to be a better way. Some bright spark then came up with the idea of a common "medium of exchange" easier to carry around and better to use.
Money was born.
Forms of Money
In fact, all sorts of things have been used as money throughout the ages. Some include: beads, eggs, salt, pigs, leather, yarn, axes, ivory and jade. Today we have another form of money, which cannot be touched, and yet it as real as the tangible coins we are able to touch. This form of money is electronic money.
The Name "Money"
Origins of Money
The medium of exchange that was necessary to enable the various groups to barter and swap their products was money. It was originally a physical substance like gold or silver. Sometimes it was a substance that was alive such as cattle, which was one of the oldest forms of money.
Today, although much of the money used by individuals in their everyday life is still in the form of notes and coins, its quantity is relatively small compared to the intangible types of money existing as entries in bank records.
Today money exists in the form of digital cash and such things as coins and bank notes will soon become obsolete. When this happens, the change in the nature of money will have a significant effect on our society.
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