Day: June 24, 2020

What Is Money?

Money makes the world go around. Economies rely on the exchange of money for products and services. Economists define money, where it comes from, and what it’s worth. Here are the multifaceted characteristics of money.

Key Takeaways

  • Money is a medium of exchange; it allows people to obtain what they need to live.
  • Bartering was one way that people exchanged goods for other goods before money was created.
  • Like gold and other precious metals, money has worth because for most people it represents something valuable.
  • Fiat money is government-issued currency that is not backed by a physical commodity but by the stability of the issuing government.

Medium of Exchange

Before the development of a medium of exchange—that is, money—people would barter to obtain the goods and services they needed. Two individuals, each possessing some goods the other wanted, would enter into an agreement to trade.

Early forms of bartering, however,

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How to Choose the Right Word

The words “personal” and “personnel” are related in meaning, but they’re not identical. They also belong to different word classes and they’re pronounced differently. The adjective “personal(with the stress on the first syllable) means private or individual. The noun “personnel” (stress on the last syllable) refers to the people employed by an organization, business, or service. Both words derive from the Latin word personalis, meaning of or related to a person.

How to Use “Personal”

The word “personal” is an adjective that has two different meanings: It may be used to describe a person’s unique preferences or qualities, as in “My ‘personal’ favorite musician is Bruce Springsteen” or “My ‘personal’ ability to play baseball is not very impressive.” It may also be used to refer to private experiences or items, as in “The police even went through his ‘personal’ correspondence” or “You have no business tampering with my

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