Welcome
Money makes the world go round. Money is the one tool used to measure personal and business income and wealth. Finance is the study of money: how it’s made, how it’s lost, and why. Money is anything generally accepted in exchange for goods and services. Many things have served as money: salt, cattle, and precious metals. Later came the development of “IOUs,” slips of paper that could be exchanged for a specified supply of the underlying commodity. Finally, fiat money is a paper money not readily convertible to a precious metal, such as gold; it did not gain full acceptance until the 1930s. Money serves as a medium of exchange, making it easier for people to buy and sell goods and services and eliminating the need for barter—the trading of one product or service for another of similar value. Money serves as a measure of value, or a common standard for the value of all goods and services. Money acts as a store of value, or as a way to maintain the value of accumulated wealth until it is needed to purchase goods or services.
