Smore is an online website builder that lets you create delicious, bite-size websites that are easy to make and impossible to mess up.
What do we use money for?
Money is what we accept as a way to pay a product. Regardless of what we use it for, it must have three functions
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medium of exchange people must be able to trade money for products | Standard of value Money serves as a way to measure the price of a product relative to others | Store of value Money keeps having a certain value over time, thus it does not need to be sprnt instantly |
medium of exchange
people must be able to trade money for products
Standard of value
Money serves as a way to measure the price of a product relative to others
Store of value
Money keeps having a certain value over time, thus it does not need to be sprnt instantly
Are all moneys the same?
Even if we think all money works in the same way, there are substantial differences related to what gives money its value
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Commodity money This type of money has value by its own. For example, gold or silver are precious and were used as money. | Representative money It is paper money that represents a valuable item. In fact, most governments have a gold reservethat partly backs up money | Fiat money This is the most widely used type of money. It has got no value by its own, but by convention |
Commodity money
This type of money has value by its own. For example, gold or silver are precious and were used as money.
Representative money
It is paper money that represents a valuable item. In fact, most governments have a gold reservethat partly backs up money
Fiat money
This is the most widely used type of money. It has got no value by its own, but by convention
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Store money It cannot be easier! We keep your money or other valuable items safe. | Earn money Some of our accounts offer a certain interest rate, in which you will seehow you easily earn extra | Borrow money We offer different loans so you can fulfill your dreams. Ask if you meet our conditions, you will be able to repay in up to 30 years |
Store money
It cannot be easier! We keep your money or other valuable items safe.
Earn money
Some of our accounts offer a certain interest rate, in which you will seehow you easily earn extra
Borrow money
We offer different loans so you can fulfill your dreams. Ask if you meet our conditions, you will be able to repay in up to 30 years