What makes a piece of paper or a fish actually count as money?
In short: This video explores the fundamental definitions of money and currency. It breaks down the essential functions that allow an object to serve as a medium of exchange, a unit of account, and a reliable store of value.
For example, mackerel has been used as currency within US prisons.
While items like fish can function as money, official paper and coins hold an advantage because they are backed by the government. Once money is established, it enables the field of finance, which encompasses lending, borrowing, interest, and the mechanics of stocks and bonds.
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Sources
- Summary by Intellect · source: Money and Finance: Crash Course Economics #11
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