Money Definition & Meaning | Britannica Dictionary (2024)

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Money Definition & Meaning | Britannica Dictionary? ›

Britannica Dictionary definition of MONEY. 1. [noncount] : something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. Dinner cost a lot of money last night. = We were charged a lot of money for dinner last night.

Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given 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, occasionally, a standard of deferred payment.

A medium of exchange that is centralized, generally accepted, recognized, and facilitates transactions of goods and services, is known as money. Money is a medium of exchange for various goods and services in an economy.

Money is any object that is used as a medium of exchange, but moneys often also function as stores of value, accounting units, and means for making payments.

1. : something generally accepted as a medium of exchange, a measure of value, or a means of payment: such as. a. : officially coined or stamped metal currency.

Etymology. The word money derives from the Latin word moneta with the meaning "coin" via French monnaie. The Latin word is believed to originate from a temple of Juno, on Capitoline, one of Rome's seven hills.

In short, money can be anything that can serve as a. • store of value, which means people can save it and use it later—smoothing their purchases over time; • unit of account, that is, provide a common base for prices; or. • medium of exchange, something that people can use to buy and sell from one another.

The biblical teaching on money is thus two-fold: money is a gift from God, a sign of his blessing. But it is not to be a god in itself. The Bible is not ascetic; poverty is not inherently virtuous, nor is wealth sinful. But true wealth, the Bible teaches us, is spiritual, not material.

Money is a system of value that facilitates the exchange of goods in an economy. Using money allows buyers and sellers to pay less in transaction costs, compared to barter trading. The first types of money were commodities. Their physical properties made them desirable as a medium of exchange.

What does money represent in life? ›

Society has placed a cultural significance on money. It conveys status, fame, power, intelligence, and other things to people with it. But, in reality, money is just a tool that can create opportunities for people who use it correctly.

The Mesopotamian civilization developed a large-scale economy based on commodity money. The shekel was the unit of weight and currency, first recorded c. 2150 BC, which was nominally equivalent to a specific weight of barley that was the preexisting and parallel form of currency.

(mʌni ) Word forms: plural monies or moneys. 1. uncountable noun. Money is the coins or bank notes that you use to buy things, or the sum that you have in a bank account.

Money is anything that serves as a medium of exchange. A medium of exchange is anything that is widely accepted as a means of payment.

Answer and Explanation: Real money is the purchasing power that money has. There is often fluctuation in the value of real money caused by inflation. Because of this the prices of goods and services fluctuate depending on the state of the economy.

Best value for money is defined as the most advantageous combination of cost, quality and sustainability to meet customer requirements. In this context: cost means consideration of the whole life cost. quality means meeting a specification which is fit for purpose and sufficient to meet the customer's requirements.