Question

Define money.

Answer 1

“Money is one of those concepts which, like a teaspoon or an umbrella, are defined primarily by the use or the purpose which they serve.”

Answer 2

Many economists developed definitions for money. Among these, definitions of Walker and Crowther are given below: “Money is what money does” – Walker. “Money can be anything that is generally accepted as a means of exchange and at the same time acts as a measure and a store of value” – Crowther. Money is anything that is generally accepted as payment for goods and services and repayment of debts and that serves as a medium of exchange. A medium of exchange is anything that is widely accepted as a means of payment.