Wealth, a system of counting wealth in denominations of currency in a given system. Money is a government sanctioned medium of exchange of currency. It is backed by the faith of the issuing government. Historically it was a paper or coin with an actual value representative of actual gold or silver. With coins being made with the precious metal. Thereby giving it actual value. Paper money historically could be cashed in for the actual gold or silver equivalent. Characteristics of Money
The universal characteristics of money are, that money had to be portable, uniform, and durable. It has to be easy to carry and transport. It has to have a uniform amount that is divisible and meaningful. There has to be a uniformity to the currency in any given country or region, with acceptable conversion and exchange protocols. And it must be durable. It has to stand up to years or even decades of repeated use and degradation. Benefits of Money
Revised July 6th, 2016
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- Easy Exchange – One benefit is the easy exchange of money for good and services. In a barter-free society you are free to choose who and where you spend your money, it frees the consumer who has the money to choose whom she wants to buy from.
- Freedom of Choice - The use of money frees you to choose whether to use the money, or to save it and then subsist on your own ability, for example someone can have money but be very adept at farming therefore able to feed himself without the need to use his money to purchase food to feed himself.
- Symbol – Currency or money is a symbol of success and achievement; it can be used to gain more status and economic stature. It can create leverage and power.