What is money?

Definition, History, Types, and Creation Definition, History, Types, and Creation Money is any item or medium of exchange that is accepted by people for the payment of goods and services, as well as the repayment of loans. Money makes the world go 'round.

What is M1 money?

M1 – This category of money includes all physical denominations of coins and currency; demand deposits, which are checking accounts and NOW accounts; and travelers' checks. This category of money is the narrowest of the three, and is essentially the money used to buy things and make payments (see the "active money" section below). 7

What is a money market account?

A money market account is a type of account that tends to offer a higher interest rate than traditional savings accounts. Typically, money market accounts also have higher minimum balance requirements. Think of a money market account as a hybrid account, often mixing the best features from both savings and checking accounts.

Is money a commodity?

Money is a commodity accepted by general consent as a medium of economic exchange. It is the medium in which prices and values are expressed. It circulates from person to person and country to country, facilitating trade, and it is the principal measure of wealth.