Finance is a field that deals with the allocation of assets and liabilities over time. Finance also applies and uses the theories of economics at some level. A key point in finance is the time value of money, which states that purchasing power of one unit of currency can vary over time.
Similarly one may ask, what is the best definition of money?
Economists, however, have a language all their own when it comes to money. They define it as something that serves as a medium of exchange, a unit of accounting, and a store of value. Money is a medium of exchange in the sense that we all agree to accept it in making transactions.
What is money simple definition?
: something (such as coins or bills) used as a way to pay for goods and services and to pay people for their work. : a person's wealth : the money that a person has. monies : amounts of money.
What is the legal definition of money?
Denomination of a country's currency that, by law, must be accepted as a medium for commercial exchange and payment for a money debt. While usually all denominations of the circulating paper money are legal tenders, the denomination and amount in coins acceptable as legal tender varies from country to country.