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The Money Transformations and How It Makes the World Go Round
Humans invented money from nothing…
And money came to make the world go round.
Money is an important part of our lives. It is used to buy things, pay for services, and invest in businesses.
But what is money?
The history of money dates back to the dawn of civilization. For centuries, people traded goods and services for other goods or services.
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, in a particular country or socio-economic context.
The main functions of money are…
A medium of exchange.
In economics, a medium of exchange is any item that is widely accepted in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency.
A currency in the most specific sense is money in any form when in use or circulation as a medium of exchange, especially banknotes and coins.
A unit of account.
A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other…
