Spirit Airlines warns of layoffs, ExpressJet's fate in doubt

Spirit Airlines has warned up to 30% of its employees that they will lose their jobs in October, and regional carrier ExpressJet's future is in doubt after losing a key contract as the virus pandemic continues to hammer the ...

Engineering

The virtual paper-making machine of the future

A virtual paper-making machine makes it possible to test run and optimize operations without costly downtime in the industry. New research at Karlstad University saves money and spares the environment.

Security

Puerto Rico online scam targeted more than $4M amid crisis

An online scam that targeted Puerto Rican agencies attempted to steal more than $4 million, police said Thursday, deepening concerns about the management of local government finances during an economic crisis.

Internet

China gets into blockchain race with US

China has launched an ambitious effort to challenge the US dominance in blockchain technology, which it could use for everything from issuing digital money, to streamlining a raft of government services and tracking Communist ...

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Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and 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 national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).

The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.

More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.

This text uses material from Wikipedia, licensed under CC BY-SA