A Short Description of Money
Here is a short description of money as described by Wikipedia – Money as any token or other object that functions as a medium of exchange that is socially and legally accepted in payment for goods and services and in settlement of debts. Money also serves as a standard of value for measuring the relative worth of different goods and services and as a store of value.
Money includes both currency, particularly the many circulating currencies with legal tender status, and various forms of financial deposit accounts, such as demand deposits, savings accounts, and certificates of deposit. In modern economies, currency is the smallest component of the money supply.
Generally speaking, each country has its own currency. For example, the official currency of the United States is the US Dollar, and Japan’s official currency is the Yen. An exception would be the Euro, which is used as the currency for several European countries.
Investors often trade currencies on the foreign exchange market, which is one of the most heavily traded markets in the world.
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