Money

Money is any marketable good or token used by a society as a store of value, a medium of exchange, and a unit of account. Since the needs arise naturally, societies organically create a money object when none exists. In other cases, a central authority creates a money object; this is more frequently the case in modern societies with paper money.

Desirable features of money

To function as money in a modern economy a good or token should possess a number of features:

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• It must have a stable value.
• It must be difficult to counterfeit.
• It must be easily divisible and transportable.
• It must be fungible. That is, one artifact of the token or good must be equivalent to another.