The main functions of money are defined as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered money.
The money supply of a country consists of currency (banknotes and coin) and usually includes bank money (the balance held in checking accounts and saving accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of board money in developed countries.
The main functions of money are defined as a medium of exchange, a unit of account, a store of value, and a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered money.
The money supply of a country consists of currency (banknotes and coin) and usually includes bank money (the balance held in checking accounts and saving accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of board money in developed countries.