What is Money: Definition and 279 Discussions

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

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  1. SireJeff

    What are the Benefits of Pursuing a Degree in Physics for a Computer Engineer?

    so i have a background in computer engineering , studies 3 semesters just to notice that to me academia isn't the way by which you'd get to learn a skill and earn money with it. On top of that, the engineering fields of study in universities(at least the ones in my region) do are not meant for...
  2. C

    Does a full fridge cost less money to run than an empty fridge?

    With the cost of living crisis. my fridge has a bottle of milk in it by itself most of the time. Would it cost less in energy if i fill the fridge with bottles of water to fill the gaps? hope this makes sense.
  3. S

    Amount of money a player to receive

    I can answer parts (i) and (ii). For part (iii), this is what I did: Expected number of blue balls drawn out of 10 trials = n.p = 10 x 1/3 = 10/3 The amount a player is most likely to receive = 10/3 x $0.5 = $1.67 But the answer key is $1.5, not really far from my answer but I wonder is there...
  4. M

    I How much money is needed to play this simple number game?

    I pick a number ##n## from 1 to 100 (integers only). If you guess correctly you win ##n## dollars, else you get zero. How much would you pay to play? Evidently the solution is to pick ##k## with probability ##1/k##, so expected payout is ##(\sum_{i=1}^{100} 1/j )^{-1} = 0.2##. But where's the...
  5. B

    MHB Tricks for Saving Money on Groceries

  6. skyshrimp

    If money weren't an issue and you were free to do as you desired....

    where would you live and how would you honesty like to spend your remaining days? :cool:
  7. Isopod

    Microscope Recommendations: Good value for money and takes photos?

    Hi there! I'm doing a project where I will be making 3 ecospheres (ecosphere = enclosed water ecosystem trapped in a jar) using water & substrate taken from 3 different natural sources. I'm hoping that microscopic life will flourish in these jars because my plan next is to study the lifeforms...
  8. yezia

    Perspectives with an almost-completed BSc. Physics

    Hello everyone! As I was saying in my presentation post, I dropped out of my physics degree very close to graduation - a year ago. I will firstly explain the whole context of my studies/abandon and then provide some of the perspectives I thought about. As an international student in Canada...
  9. C

    Physics Rewarding career after physics graduation - Mysterious money?

    Rewarding career after physics graduation - Mysterious money ? ====================================================== Thanks for your response to my threads. This is an interesting forum to seek an insight on this subject. I am surprised by recent piece . Physics professor mysteriously sent...
  10. M

    Game theory: competitive auction for the money in a chest

    Hi, I am back yet again with another problem I was reading the following question and attempting it. It was an interview problem, so it isn't technically homework, but I don't know where else to post it. I think there are elements of game theory involved, but I have no academic background in...
  11. M

    MHB Probability - Amount of money in pocket

    Hey! :giggle: The amount of money a student in the Accounting Department has in his pocket is a random variable that follows the normal distribution, with an average price of $30$ euros and a variance of $100$. a) What is the probability that a student has $25$ to $35$ euros in his pocket...
  12. BWV

    Don't waste your money on organic food

    Because you know, science. Nitrogen is nitrogen whether it comes from a factory or a bovine posterior, and ‘natural’ insectides can be every bit as toxic as ‘artificial’ ones not to mention reducing crop yields but people have weird purity taboos around food and organic is kosher/halal for...
  13. S

    Expectation of amount of money won in a game

    This is what I did: Let Y = number of sixes occurred when ##n## dice are thrown Y ~ B (n, 1/6) E(Y) = ##\frac{1}{6}n##Let Z = amount of money received → Z = ##\frac{1}{2}Y## E(Z) = E(1/2 Y) = 1/2 E(Y) = ##\frac{1}{12}n##I got the answer but I am not sure about my working because I didn't...
  14. DrTherapist

    Biology Is it a good idea to become ad-hoc prof for the money?

    Hello everyone. In my country, I am not sure with the latest regulation regarding compulsion of PhD for the post of associate professor in academia. Ultimately, I actually want to become a police officer, becoming a Police Sergeant will do. I am confident that I will finish my Bachelor's with a...
  15. A

    Old topic, different look, maybe (Money = work/knowledge )

    1. Time is money 2. Knowledge is power 3. Power = Work/time Therefore; Money = work/knowledge "which proves the less you know, the more money you get. " seems like a wrong conclusion shouldn't it be [...] which proves the more you know, the more money you get to keep, instead? I mean, there's...
  16. K

    I How Does Money Redistribution Affect Poverty Levels in a Simulated Economy?

    I wasn't sure which forum to post this topic to, so feel free to move it, mods. The topic seems to cover a lot of fields of study: economics, physics, statistics, calculus, etc. :) I was listening to a YouTube video the other day, and the speaker presented situation where there are a thousand...
  17. E

    Physics I love physics, but I want more money and I'm considering a career change

    I am at a huge crossroads in life and in need of some guidance. I graduated two years ago with a B.S. in Physics from an R1 university, and am currently in my second year of a physics PhD program at a different R1 university. From the moment I had my first research experience in high school, I...
  18. hackedagainanda

    Money question about percentage — Algebra 1

    I've tried to answer but I've been coming up with nonsense answers, but I'll show my method and see if its right or wrong so I can get pointed in the right direction. .35x + .45(35 - x) = 4.25, I think this is where my error is but I'm unsure. Multiply by 100 to clear the decimals and I get...
  19. Z

    Calculation using 3 quantities: Shoveling snow to earn money

    Summary:: Hi, I am trying to solve the following: A person shovels driveways to earn money. She can shovel 12 driveways in 6 hours. She earns 18$ for each driveway.The person needs 360$ to buy a computer. How may hours does the person need to work? I am using unity method : 18$----6 hour 1...
  20. B

    How Would Earth Handle Alien Money?

    In the USA if you go to Mexico your money is worth a lot more over there. Likewise if you are a scifi alien with a scifi starship your money should go much farther in the USA than it would on your homeworld.The question is... how far? How much would a human nation realistically let alien money...
  21. M

    Engineering Best career option in terms of time, demand and money?

    Hi everyone, I’m a student in Ireland and I’m still in high school and the teachers were saying that its finally time for us to choose what paths we should take in terms of choosing subjects for our final high school years. Now my main question is that should I become an astrophysicist...
  22. D

    Programs Is interdisciplinary engineering worth the money?

    I am considering a masters in interdisciplinary engineering from Purdue with a concentration in either systems engineering or computational engineering. Is this a waste of my time and money compared to just getting an aerospace masters and taking courses in systems engineering or computational...
  23. T

    How much money can you make in physics?

    I am currently trying to decide between going into artificial intelligence and being a researcher in theoretical particle physics. I think I could make a lot of money in ai but the second option seems far more interesting and fulfilling. So my question is; is there potential to make around 500k...
  24. Asawira Emaan

    MHB How much money does the dessert store make from selling three muffins and four cakes?

    Asalamoalaikum! I was doing Algebra problems on Khan Academy. This problem isn't getting solved. Please help me with this. "The expression 2m + 10c gives the amount of money, in dollars, a dessert store makes from selling mmm muffins and ccc cakes. How much money does the dessert store make...
  25. FallenApple

    Not having children to save money

    Apparently, it costs over $200,000 to raise a child. This is not an insignificant amount of money. By forgoing children, I can easily buy a vacation home in another country. I can also make more money than I would have otherwise by spending the allotted "family time" on working or a side hustle...
  26. FallenApple

    Why is money related to positive health

    Beyond the obvious i.e resources to buy basic health care etc. The wealth health correlation was observed across the entire income spectrum, even after basic necessities are met. What is the cause of this?
  27. H

    Engineer charged with money laundering in Germany

    hello guys I am in a tight corner... i am a currently doing a master in electrical and management engineering and i am about to be charged with 3 cases(or more) of money laundry which happened within a short period of time last year and my lawyer said it could get into my record of good...
  28. Y

    MHB How much money does Lucy have?

    - - - Updated - - - What I did is: L/2 +20 = 3/5M L/2+20=6/5L+20 5L+200=12L+200(after putting all of them to common denominator) I got stuck here
  29. J

    MHB Raju had 5 times as much money as Ann. How much did Raju have at first?

    Raju and Ann saved a total of 1560 dollars. After Raju gave Ann 50 dollars, Raju had 5 times as much money as Ann. How much did Raju have at first?Number of dollars saved = R Number of dollars saved = A 1) We know Raju and Ann saved 1560 dollars R + A = 1560 2) (i got confuse at this...
  30. J

    MHB Find the total sum of money shared by the three girls.

    Kate, Nora, and Devi shared a sum of money. Kate received 24 dollars and Nora received x dollars more than Kate. Devi received 2x dollars more than kate a) Find the sum of money shared in terms of x. my answer: total = 24 + (x+24) + 2(24)b) Nora received $30. Find the total sum of money shared...
  31. BillTre

    Did the Mayans Use Chocolate as Currency?

    Mayans did not use money, but instead bartered. Frequent items bartered included chacolate, nice fabric (or clothes), corn (maize), and tobacco. This was figured out by a systematic analysis of visual depictions on murals, ceramic paintings and carvings that depicted exchanges and tribute...
  32. 256bits

    Money For Nothing: Hot Dog Water for Just $37.99 CAD

    would be a terrific playing softly in the background. Hot Dog Water. https://www.msn.com/en-ca/health/wellness/people-bought-dollar38-hot-dog-water-said-to-support-weight-loss-%E2%80%94-and-they-were-in-for-a-rude-awakening/ar-AAyYr6f?li=AAggV0S&OCID=ansmsnnews11 In addition, makes my...
  33. B

    How hard is it to get a job in astrophysics?

    im trying to become an award winning physicist (I know, I am ready for the grind, I am 15 and ready to start) how hard is it to first get a job in this area right out of college after a phd? any way to make 70-80k and go up to make 6-figure salaries in research for the government or in a lab...
  34. Suyash Singh

    Job Selection Criteria: Money versus Happiness

    I am only 17 years old and i need to ask you this should i take a job which gives lot of money but i will start to hate the job eventually or a job that i love ? The job that i love will not make me poor or something but the thing is that i will never be able to buy expensive cars and...
  35. J

    MHB Expected Value of Gambling Strategy - Martin's Winnings

    This question comes from the "Introduction to Probability" book (Blitzstein & Hwang). Martin has just heard about a gambling strategy: bet 1 dollar that a fair coin will land heads. If it does, stop. If it lands tails, then double the bet for the next toss, now betting 2 dollars on heads. If it...
  36. A

    MHB How much money did chad spend on the shirt and shoes ?

    Chad bought a shirt for \$19 and a pair of shoes for \$28 more than shirt a.How much was the pair of shoes ? B. How much money did chad spend on the shirt and shoes ? c. if chad had 13 dollars left over, how much money did Chad have before buying the shirt and shoes ?
  37. Greg Bernhardt

    What P2P money app do you use?

    I've long used Paypal, but now there are so many money transfer apps out there. Most seem redundant and I get really annoyed how friends and family ask me to sign up for an app just so they can send me like $20. Anyone else feel the same? What do you use?
  38. Grands

    Which are the best car brands considered value for money?

    In your opinion which company makes the best quality car considering the value for money? Which company uses the best products inside the cars? In my opinion good cars are Audi and Mercedes-Benz.
  39. Grands

    News Is there an easy and safe way to invest money?

    Hi. I want to ask if is easy to invest in a safe way money, for a person that is still a student and is not a expert about the market. I find on internet the app gimme5, that ask a very little investment, it is safe? There are others way like this do invest ? Thanks.
  40. Mary Abgarian

    Physics How to decide on my career path?

    I do like science a lot and I am good at it when i study. I also enjoy research as i have had 2 research internships which i enjoyed. But recently, for my physics 103, i had a professor that seemed to like have answers to everything, and it made me somewhat uninterested in the subject for...
  41. Grands

    Which are the best ways to make some money online?

    Hi guys. Due to the fact that I will start university I will need some money. I would like to try to earn some money by working online, because I can do the job from everywhere I am, and this can help me to study better. Does anyone know which are the best ways to make some money online, and...
  42. Y

    How to Spend Little to No Money on Food?

    One of my goals is to spend as little as possible on food without being malnourished or hungry. It's not that I can't afford to spend a couple hundred a month on food, I'd just rather use that money for something else or save it. So I know I can buy ramen noodles dirt cheap, probably less than...
  43. N

    Programs Is the ivy league education worth it for a physics major?

    Good Afternoon. My name is Nicolas Beltran. I am a high school student who would really like your advice on an issue I have. It has always been my dream to study physics, however I never saw it as a feasible choice because in my country, Colombia, there are little to few options in which true...
  44. B

    Transferring money from Visa gift card to an account

    I use Visa gift cards to pay for items that I buy online. These Visa gift card are debit cards. When I first buy these Visa gift cards, the Visa gift cards usually have $50 or $100 on them. I use these Visa gift cards to make purchases until the value of the card is too low to buy anything...
  45. liometopum

    The Fundamental Delusion of Scientists?

    I was listening to a lecture by Peter Thiel. He argued that "scientists never make any money", and are "always deluded into thinking they live in a just universe that will reward them for their work, and this is probably the fundamental delusion that scientists tend to suffer from in our...
  46. kolleamm

    Is a Subway footlong worth the money?

    I'm a college student, and lately I've been buying nothing but Subway footlongs at my school for around $7 - $8 per day. Is this really cost efficient for the amount of calories/nutrients I get? If not then what could I possibly cook or buy to save money? I would like to continue eating...
  47. kyphysics

    How Did Goldman Sachs Make Money From 2008 Housing Crash?

    Here's what I understand (please feel free to correct me on anything if I'm wrong): i.) Goldman Sachs created MBSs (mortgage backed securities) with sub-prime mortgages that they bought. They essentially bought up a ton of these mortgages and packaged them all together into a giant...
  48. N

    MHB How Do You Solve a Word Problem Involving Charitable Donations?

    Hello! Please take a look at so,ution to the problem X, Y, and Z donated a sum of \$525 to a charity. For every dollar that X gives, Y gives 25 cents, and Z 50 cents. How much did each donate? My solution Let $x=$ amount donated by X $25x=$ amount donated by y $50x=$ amount donated by z...
  49. E

    Tunnel your money and your checks for free?

    There really should be a board where real physicist can answer questions from ignorant SciFi writers, but I couldn't find one. So here goes. Question 1: I asked author Greg Bear and a local community college physics instructor this question and I'm wondering if people on here will have the...
  50. X

    Other Mad Money From Fellowships Ph.D Programs

    So I got into some good top 20 Ph.D programs in theoretical physics and have received some generous stipends. Is it common to further augment my income by applying for external fellowships while I'm in graduate school?