Money is a medium of exchange that facilitates the transfer of goods and services between parties. It also serves as a unit of account, a store of value, and a standard of deferred payment within an economy.
Related terms
Currency: Currency is the physical form of money, such as coins and banknotes, used to conduct transactions.
Barter System: A barter system is an old method of exchange wherein goods or services are directly exchanged for other goods or services without using money as an intermediary.