Generally, money can not be defined on the basis of matter it is mode of. It is defined in terms of the functions it performs. Money can be anything that is generally accepted as a medium of exchange, measure of value, store of value and standard of differed payments. So, walker rightly remarked or defined money as, “ Money is that what money does”. The economists have defined money in different ways. They are: General Acceptability definition: According to this, Money is that commodity or thing which is easily accepted in payment for exchange of goods and services in the economy. According to Benham, Money is defined as generally acceptable purchasing power or something which everybody is prepared to accept in exchange for goods or services. Functional definations: This definition is related to the function of money. According to Cowther, Money can be defined as anything that is generally accepted as a means of exchange and at the same time acts as a measure and store of va
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