The bills and coins that you carry with you aren't technically money, but currency. Most likely, they're a type of fiat currency, or currency that has no intrinsic value. In the past, rare metals such as gold and silver were considered to be money, but today's money is far more intangible and is defined by the functions it fulfills. Learn more about the complexities of money with these videos.
What is Money?
It has to be a medium of exchange, a unit of account, a store of value, and a standard of payment. But what does that really mean?
Key Facts In This Video
Money is defined by three to four basic functions: 00:29
A fiat currency can be exchanged for goods and services, but has no intrinsic value. 05:22
Most likely, the barter system could not sustain a global economy. 10:56
Why Can't We Just Print Money To Pay Off Debt?
The short answer: inflation.
How Much Cash Is There On Earth?
In all currencies, across the globe, it adds up to... a lot.
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