Money Definition and 279 Threads

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

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  1. D

    What have you blown your money on?

    Sometimes we buy or spend money on some stuff to later come to realize that we really shouldn't have spent that much money. Here is the list of things which I bought last year that I really regret it now: 1-Blew over $900 on 12 Colognes! 2-Blew $400 on a leather jacket! 3-Blew $450 on...
  2. EnumaElish

    What is the Impact of Youth and Money on the Search for Meaning in Life?

    http://www.ted.com/talks/viktor_frankl_youth_in_search_of_meaning.html
  3. B

    Did the Housing Market Crash Catch You Off Guard?

    I'm watching right now on NOVA (PBS) : Here's the website
  4. r-soy

    Prize Money for 1st Place in 16 Team Bowling League: $1,930

    A 16 team bowling league has $ 8,000 to be awarded as prize money. If the last place team is awarded $ 275 in prize money and the award increases by the same amount for each successive finishing place, how much will the first place team receive? My answer : a1 -- ? D = 275 an =...
  5. F

    Will Theorists Ever Earn as Much as Applied Scientists?

    Will there be a day when theorists (not applied scientists) make as much money as applied scientists? So what do I mean by that? Will biologists ever make as much money as doctors, surgeons, and psychiatrists? Will physicists ever make as much money as engineers? Will chemists ever make as...
  6. R

    Is space exploration a waste of money?

    Hi, First of all let me say that my answer to the question in my title is "absolutely not!" I think space exploration is extremely important not only because it is inspiring and amazing but it also provides so many important spin off technologies. But with everything that has been going on...
  7. R

    Money earning opportunities while doing undergrad

    Yeah, me again, this site has been so much help, so forgive me for always finding ways to come up with a new topic :) Anyway, I was wondering what one's opportunities of earning money while doing an undergraduate Physics degree are? And how much could one reasonably expect to earn in the...
  8. G

    What is the Optimal Change Strategy for a Baker?

    Does anyone know results about how much and which bank notes a baker should have at the beginning of the day, to insure we will always be able to give proper change to customers? Maybe the question could be: Basically given a distribution of bank notes of the customers, what is the...
  9. edpell

    News How Will Mexico's Government Adapt to Depleted Oilfields and Reduced Revenue?

    What will the government of Mexico do in ten year when the oilfields of Mexico have been largely depleted and there is no (very very little) oil money to fund the Mexican government?
  10. S

    Can Public Finance Be Reformed to Create Debt-Free Public Assets?

    I've been thinking America needs to reform our system of public finance. The current system uses debt-money to finance public goods through the bond markets and investment banks. Thus public goods are perpetually encumbered by debt rather than created debt-free. Obviously it is possible to...
  11. B

    Can Scientists Earn as Much as Physicians?

    I'm aware that physicians are among the highest paying jobs but is it possible to earn an income close to that of a physician as a physicist, chemist, biologist or other scientist? I could just as easily go to medical school and obtain an MD in the long run but what I'm really getting into...
  12. A

    Engineering Do doctors make a lot more money than engineers?

    Hey there, do doctors (MDs) make a lot more money than engineers in the US? If yes, why?
  13. B

    How Much Money Will Carlos Have After Withdrawing from His Roth IRA?

    Homework Statement Carlos is 60 years old, is in the 32% marginal tax bracket, and has $544,000 in his Roth IRA. How much money will he have after taxes if he withdraws all the money from the account? Homework Equations (1-tax bracket)x(amount)=earnings after income tax The Attempt at...
  14. B

    Should I take National Merit Money?

    Well I am a Junior this year and I received my PSAT results back and it looks as if I have done well enough to qualify for National Merit Semi-Finalist standing and will probably make finalist status... (15,000 of the 16,000 make finalist) I was just wondering if I should be looking at some...
  15. A

    Money Equilibrium? Maximizing Entropy w/ Given Denominations

    Just a musing I had.. how far from thermodynamic equilibrium is the change in my pocket? Obviously having any given amount in the smallest denomination only, maximizes a degree of freedom in the sense that I can form the largest number of sums with it, meaning higher entropy. But on the other...
  16. jambaugh

    News Replacing Money with Tokens of Goodness

    While reading about the evils of money in another thread I had a wonderful idea! We can do away with all that evil money and its evil consequences while maintaining a functional social system. Here is how it works: People would receive tokens in proportion to how well they help others...
  17. P

    How Do Various Factors Impact a Country's Economy and Exchange Rate?

    How does each of the following affect a country's net capital outflow/net export/equilibrium exchange rate? 1. a rise in foreign interest rates 2. a fad for buying foreign goods 3. an announcement that a tax cut will occur in the future. 4. rising ethnic tensions that threaten to cause a...
  18. Ivan Seeking

    News How Much Have Banks Repaid from the Government Bailout Funds?

    The latest report indicates that banks and others have paid back something around 85 billion, with over 4 billion in profits for us taxpayers [one report said 6 billion in profits]. http://www.nytimes.com/2009/08/31/business/economy/31taxpayer.html Apparently there was something around 125...
  19. N

    Which Is the Best Option for My $2500 Savings as a High School Senior?

    I'm 17, entering my final year of high school in the fall. I worked a bunch this summer and have roughly $2500. With this cash I could: 1) Invest in stocks- I'd buy a decent book on investing and educate myself first, and then buy into the stock market. 2) Save for university - After my...
  20. A

    Is Money the Key to True Happiness?

    Money can't buy happiness... Do you agree with "The more we earn, the more likely we are to complain about lack of time because we equate our high earnings with a sense of entitlement to more leisure and feel resentful that time cannot be stretched."
  21. K

    Would You Buy an Anti-Aging Treatment in 60 Years?

    ...in let's say 60 years from now (that makes me 78 yrs old), would you buy a "treatment" that dampens the aging process of your cells? The reason i ask this question is because i'd by one just to live longer till i can see with my own eyes the discovery of intelligent beings on another planet...
  22. L

    Combining Formulas for Accumulated Amount of Money

    Hi P*e^(rt) = Accumulated amount of money Principal e logaritm rate time is for continuous compounding of rate. F=A(((1+i)^n-1)/i) and this one works for savings that are made frequently like every month or so but only with annual compounding of rate. is there any way to...
  23. W

    Maximizing Savings for Your Future for Young Adults

    Hey, I'm not exactly sure if this is the right place to ask this but there's no harm in trying. I am 19 and an engineering major. I've heard people older than me talking about how they are losing their pensions/retirement and that they wished that they would have started started saving money...
  24. Danger

    Astro vs. Real Survival: Which Show Would You Put Your Money On?

    I am so sick of that stinking show! When I first heard of it, I thought that it was a cool idea... until I watched an episode. I've never watched it since, but can't help being bombarded with clips and trailers for the stupid thing. If I had a couple of million bucks kicking around loose, I'd...
  25. B

    I have some money for some reference books

    so I am finishing my UG course in physics in about a month or so. however, i had a grant that allowed me to buy books for my course. I have about 130 pounds left. im probably going to go into the field of optics hence born and wolf is an often quoted choice (perahps the optical coherence...
  26. rootX

    Unpredictable inflation and borrowing money

    Is it true that we should borrow money during high inflation periods and lend during deflation periods?
  27. Redbelly98

    How Much Did the Tooth Fairy Leave?

    Hey, just wondering how much money people got as a kid, or give to their kids now, from the tooth fairy for losing a tooth? If you're willing, please provide a time frame. Maybe we can get a handle on how inflation has played into this. I used to get 10 cents (Mid 1960's).
  28. E

    Career Goals and the Importance of Making Money: My Perspective

    How important is making money with regards to your career goals? For me it is a low prioity. I enjoy mathematics so much I'll do it for free. What's your opinion?
  29. J

    Discussing Time To Print Money? US Economic & Monetary Policy

    I'm wondering what people think about this idea concerning U.S. economic and monetary policy. I believe we should stop borrowing so much money and start merely printing it basically "out of thin air." The reasons for this are numerous, and I'm working on some math models to show why it would...
  30. A

    In a posthuman world, what will be the need for individual talent and money?

    In a posthuman world, what will be the need for individual talent and money? (edit)Posthuman- as in cyborg, somewhat equivalent to transhuman.
  31. G

    Ethical Dilemna - Finding Money In Random Places

    I just found a ten dollar bill while taking a walk through my suburbia , it's seemed pretty obvious to me that there was no dilemna to be acknolwedged here and that it was perfectly fine to keep the money - am I going to ring the doorbell on every house and ask " is this your 10 bucks " - the...
  32. R

    Physics Can a Physicist Bodybuild? Life, Money, and Beyond.

    First off, i love to bodybuild, that's my life right there, but i also love learning about the orgins of space and how its made and BEYOND. BUT If i want to pursue my life into become a physicist, will i have time to work out and eat my 6 meals a day? And get an 8 hour sleep? Whats the life like...
  33. Cyrus

    Save Money & Time: Drive Your Vehicle, Not Idle!

    I got this in my school FYI email: I think my engine and transmission oil needs more time than that to heat up and work properly. Also, suddenly driving off with a cold engine block is a good way to develop cracks in the cylinder walls - which is why you don't just pull the throttle all the...
  34. mjsd

    The Money Thread: Where does it come from?

    Amidst the current financial crisis, and possibly heading towards a recession (if not already in one), it begs the question as to how did we get into this mess. Then, when one starts looking into the system, something seems a bit confusing... if a recession means that the majority of ppl does...
  35. L

    Schools Scholarship money to particular college

    Hey guys, I was wondering if anyone knew a site that tells the average/average expectations for someone to receive scholarship money based on academics at a particular school. I applied for a school that i really think I want to go to, but unfortunately, the letter of acceptance/financial aid...
  36. D

    Can teens WORK for money nowadays?

    Today, while working from home, a couple of young girls, probably 14-15yrs old, came by and asked if they could shovel my walk. "How much?", "$10", "ok". I wasn't getting to it myself right away and thought that I would be cool help these teenagers earn some cash by actually working for it! They...
  37. A

    Exploring the Distinctions: Economics, Finance, and Business Careers

    How much difference is there between a career in economics, finance, and business?
  38. M

    Why is it wrong to consider money when choosing a major?

    Every single time I go in for career counseling they tell me to 'follow my dreams' and all sorts of other overused cliches. When I inquire as to the salaries of certain fields, no one ever tells me WHAT engineers or physicists make and instead focus on telling me that if I pick a career based on...
  39. jal

    News How to lose your money _ Buy gift cards

    FYI…. before you do any holiday shopping, or get stuck with any unused or not honorable gift cards, take a look at the list below. Keep these stores in mind, you wouldn't want to purchase a gift card for someone that won't be able to use it! Pass it on…. It seems there are lots of stores...
  40. G

    Stock market - no connection company/share - money isn't lost?

    Stock market - no connection company/share - money isn't lost?!? I've spoken to some hobby stock market "users" but none of them could convincingly explain the basic share system without ending up in circular arguments. 1) My impression is that there is no logical connection at all between...
  41. L

    Happiness vs Money: Grad School Advice

    So, I'm at an interesting crossroads I hadn't quite expected. I'm about three months into graduate school in chemistry, I've finished two month long rotations with two professors (I have a third rotation to do, then need to select who I'll be working with for the duration of my time at graduate...
  42. W

    What to Do When Family Members Keep Borrowing Money: A Scientist's Perspective

    I borrowed a lot of money in the past to my five year older brother. Alot of it he hasn't been payed back because he is just so irresponsible. In fact he still owes me from 2005. Since then he bought a jet ski, new car, etc etc. Now that he has came back from vacation, some machine at work...
  43. moe darklight

    What a day should I go blow all my money in lottery tickets?

    Well, today was my advanced functions exam; so needless to say I was less than excited to wake up this morning. Long story short, I got a 97% on the exam (which is a big deal for someone who failed grade 11 applied math — would've got 100% too, if it hadn't been for a stupid stupid typo)...
  44. Ivan Seeking

    Can Government Programs Really Change Your Life?

    http://www.seenontv.com/prod-pages/free_money_to_change_your_life_book.html http://www.mlesko.com/g2/store.htm
  45. turbo

    News DNC Bans Lobbyist Money: Obama's Refreshing Move

    Obama has instructed the DNC not to accept any more money from lobbyists or PACs, to bring the organization into line with his campaign's position. That's refreshing. http://news.yahoo.com/s/ap/20080605/ap_on_el_pr/democrats_money;_ylt=AkiCfPdPQf8LKK5nulw2obms0NUE
  46. wolram

    Is Lack of Funding Threatening American Science's Global Competitiveness?

    http://physicsworld.com/cws/article/news/34137 In the letter, the laureates complain that "hundreds of scientists have been laid off; research grants have been slashed; and facilities operations have been seriously curtailed at national laboratories", as a result of the shortfall. They also...
  47. A

    Programs Are dual degrees worth the extra money?

    I plan to take mechanical engineering and my university also offers the option of completing a concurrent degree in any area I wish. However, this process will take 5 years as opposed to 4 meaning I'll have to pay tuition/rent/expenses for an extra year. Would getting a mechanical + medical...
  48. B

    Schools Joining the air force reserves vs. borrowing money for college loans

    I am thinking about joining the air force reserves while continuing to attend college because I am no longer able to borrow money for college. I think the air force would be beneficial for me because I think it would be the perfect opportunity for me to developed my research skills in the Air...
  49. Ivan Seeking

    News What did the average taxpayer's $13,112 go towards in 2007?

    http://www.thirdway.org/data/product/file/129/Third_Way_-_What_You_Paid_For_Memo.pdf I thought this was particularly interesting as it breaks down the US budget in terms of the dollar per item per household. It is often quite striking when one compares the amount spent on various programs -...
  50. N

    How to Make 50 Cents Using Only Four Coins?

    [SOLVED] Funny Money Problem Make 50cent's with only using four coin's and you cannot use quarter's. _______ 1. American money only. 2. Must use all four coin's. 3. No cuting coin's. 4. Cannot use more that four coin's. 5. Cannot use quarter's to create 50 cent's. 6. When i say 50...
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