Money

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…