Glossary Terms:

Funny Money or Phony Money?

Glossary terms from:


Government-issued pieces of metal that have value and are used as money.


The money in circulation in any country.


Trading a good or service for another good or service, or for money.


Tangible objects that satisfy economic wants.


Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value. Characteristics of money are portability, stability in value, uniformity, durability and acceptance.


Earnings from an investment, usually expressed as an annual percentage.


An exchange of goods or services for money.


To keep money for future use; to divert money from current spending to a savings account or another form of investment.


Activities performed by people, firms or government agencies to satisfy economic wants.

Value of Money

The ability of money to buy goods and services. A wide variety of items has been used as money. Money need not have any intrinsic value. It is people's willingness to accept it that gives it value.


Effort applied to achieve a purpose or result, often for pay; skills and knowledge put to use to get something done; employment at a job or in a position; occupation, profession, business, trade, craft, etc.