Any form or denomination of coin or paper currency of legal tender which passes freely as a medium of exchange. In bank operations, money refers to cash and includes both currency (paper money) and coin (metallic money)(Lewis E. Davids 138).
Money is a conduit to attain goods, property, or necessities in reward for hard work. "Another major function of money is that it serves as the medium of exchange-(David R. Kamerschen 6). "This use of money is emphasized by defining money as anything generally used for purchasing goods and services or discharging debts-(Kamerschen 6). Without money, the world would be unable to function properly, hence the popular saying " Money makes the world go round. Money also constitutes a store of value, or wealth-(Kamerschen 7). In today's world money is commonly used to segregate society, by labeling different groups for example, high class, middle class, low class, etc. Salaries measure profession by higher pay or more money for degrees accomplished by a person's career or studies. .
" Whether or not money possesses any of these attributes, to do its work satisfactorily it must be acceptable-(Kamerschen 10). Money is tricky in many ways. A person may think that by working hard they will earn an acceptable income. The more money one may earn the more taxes and bills one will have to pay. Money changes its face value. "Money is an inconstant standard. Its value is determined by the average level of all prices-(Kamerschen 14). "When the general level of prices moves up or down, a change in the value of money occurs-(Kamerschen 14).
When value of money makes a change it affects many people by making some people richer, some poorer (Kamerschen 14). Once the value of money falls, people on fixed incomes find their incomes shrinking (Kamerschen 14). While this may happen many individuals, access their credit accounts more freely and begin to make use of saved money either in saving accounts or investments.
