Difference between revisions of "Money"
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| − | A bartering tool | + | A bartering tool, that is perceived by others to have value and is used to acquire desired items. |
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| + | In primitive times, money usually had inherent value, being made of precious metal, fish-hooks, cowrie shells or similar. | ||
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| + | More recently, paper money was legally required to be exchangeable for a specific amount of precious metal. | ||
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| + | In modern times, most paper money has no inherent value beyond other peoples' willingness to exchange [[goods]] and [[services]] for it, thus putting the world economy on the same firm foundation as an apartment building erected by [[The Amazing Mystico and Janet]]. | ||
Revision as of 09:50, March 1, 2007
A bartering tool, that is perceived by others to have value and is used to acquire desired items.
In primitive times, money usually had inherent value, being made of precious metal, fish-hooks, cowrie shells or similar.
More recently, paper money was legally required to be exchangeable for a specific amount of precious metal.
In modern times, most paper money has no inherent value beyond other peoples' willingness to exchange goods and services for it, thus putting the world economy on the same firm foundation as an apartment building erected by The Amazing Mystico and Janet.