Money is an item and verifiable record that is generally accepted based on trust as payment for goods, services and repayment of debts with distinguished functions of medium of exchange, a unit of account, a store of value and a standard of deferred payment.
“Any item of verifiable record that fulfils these functions based on trust can be considered as money” Money is a decaying item (the rate of decline in the value) due to inflation. Inflation is a general rise in the price level in an economy over a period.
Money as a medium of exchange for goods and services. Deposit accounts are a form…