Money,Banking, And Credit

Any form or denomination of coin or paper currency of legal tender which passes freely as a medium of exchange. In bank operations, money refers to cash and includes both currency (paper money) and coin (metallic money)(Lewis E. Davids 138)

Money is a conduit to attain goods, property, or necessities in reward for hard work. “Another major function of money is that it serves as the medium of exchange”(David R. Kamerschen 6). “This use of money is emphasized by defining money as anything generally used for purchasing goods and services or discharging debts”(Kamerschen 6). Without money, the world would be unable to function properly, hence the popular saying “ Money makes the world go round. Money also constitutes a store of value, or wealth”(Kamerschen 7). In today’s world money is commonly used to segregate society, by labeling different groups for example, high class, middle class, low class, etc. Salaries measure profession by higher pay or more money for degrees accomplished by a person’s career or studies.

“ Whether or not money possesses any of these attributes, to do its work satisfactorily it must be acceptable”(