| − | Money is defined as something which serves as a means of exchange, a store of value, and a unit of account. The currency which serves as money may be backed by some tangible commodity, such as the [[Gold Standard]], or may be [[Fiat Money]], such as [[Federal Reserve]] notes. Alternatively, trade may be carried on using commodity pay, wherein existing commodities are assigned exchange values but not explicitly designated as money. | + | Money is defined as something which serves as a means of exchange, a store of value, and a unit of account. The currency which serves as money may be backed by some tangible commodity, or may be fiat money. Alternatively, trade may be carried on using commodity pay, wherein existing commodities are assigned exchange values but not explicitly designated as money. |