Money

A Poem about Money

Mon, 24 Mar 2008 19:59:00 GMT

by Robert Frost "Never ask of money spentWhere the spender thinks it went.Nobody was ever meantTo remember or inventWhat he did with every cent." [read more]

Money Wisdom

Fri, 21 Mar 2008 19:33:00 GMT

Money Wisdom حكمة المـال "When it is a question of money, everyone is of the same religion." Voltaire عندما يتعلق الأمر بالمال يكون الجميع من نفس الدين - فولتير "I'd like to live like a poor man with lots of money." Pablo Picasso أريد أن أكون رجلا" فقيرا" مع الكثير من المال – بابلو بيكاسو "If you make money your god,it will plague you like the devil." Henry Fielding إذا جعلت المال... [read more]

The Invention of Banking and Coinage

Fri, 21 Mar 2008 19:28:04 GMT

The Invention of Banking and Coinage The invention of banking preceded that of coinage. Banking originated in Ancient Mesopotamia where the royal palaces and temples provided secure places for the safe-keeping of grain and other commodities. Receipts came to be used for transfers not only to the original depositors but also to third parties. Eventually private houses in Mesopotamia also got involved... [read more]

Functions of Money

Fri, 21 Mar 2008 19:26:51 GMT

Functions of Money Specific functions (mostly micro-economic) Unit of account (abstract) Common measure of value (abstract) Medium of exchange (concrete) Means of payment (concrete) Standard for deferred payments (abstract) Store of value (concrete) General functions (mostly macro-economic and abstract) Liquid asset Framework of the market allocative system (prices) A causative... [read more]

What is Money

Fri, 21 Mar 2008 19:25:32 GMT

What is Money? At first sight the answer to this question seems obvious; the man or woman in the street would agree on coins and banknotes, but would they accept them from any country? What about cheques? They would probably be less willing to accept them than their own country's coins and notes but bank money (i.e. anything for which you can write a cheque) actually accounts for by far the greatest... [read more]

The History of Money

Fri, 21 Mar 2008 19:23:10 GMT

The History of Money From Mary Bellis,Money is anything that is commonly accepted by a group of people for the exchange of goods, services, or resources. Every country has its own system of coins and paper money. Bartering and Commodity Money In the beginning, people bartered. Barter is the exchange of a good or service for another good or service, a bag of rice for a bag of beans. However, what... [read more]

A Definition of Money

Fri, 21 Mar 2008 19:16:00 GMT

A Definition of Money Money is a good that acts as a medium of exchange in transactions. Classically it is said that money acts as a unit of account, a store of value, and a medium of exchange. Most authors find that the first two are nonessential properties that follow from the third. In fact, other goods are often better than money at being intertemporal stores of value, since most monies degrade... [read more]