MONEY: Anything that is generally accepted in exchange as payment for goods and services. The emphasis is on "any," because any item or asset can serve as money so long as it is generally accepted in payment throughout an economy. While the key function of money is acting as a medium of exchange, money also functions as a store of value, standard unit of account, and standard of deferred payment See also | currency | checkable deposits | money characteristics | money functions | barter | M1 | money supply | Federal Reserve System | money creation | bank | fractional-reserve banking | government functions | Federal Reserve note |
