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Kids' Corner :  Learn About Money

What is Money?

Most of us think of money such as cash (notes or coins) or money in the bank. It is such an important tool in our lives. We receive money as wages. We use it to buy goods and services. We save our money in banks. Money is a tool of a modern society. We all must understand the value and meaning of money.

To qualify as money, it must be accepted as:

  1. a medium of exchange;

  2. a store of value; and

  3. a measure of value.

In the modern economic system, money should be:

  1. a medium of exchange;

  2. divisible;

  3. stable in value;

  4. difficult to reproduce/counterfeit;

  5. generally accepted; and

  6. easy to carry.