What is the meaning of money? Explain.

Money is a universally accepted medium of exchange, serving as a unit of account, store of value, and a standard of deferred payment. It is a social and economic construct that facilitates the exchange of goods and services by providing a widely recognized and easily transferable medium. Money can take various forms, including coins, banknotes, digital currencies, and other financial instruments.

As a unit of account, money provides a standardized measure for pricing and comparing the value of goods and services. It serves as a store of value, allowing individuals to save wealth for future use. Money's role as a standard of deferred payment enables transactions where payment occurs at a later date.

The concept of money is deeply embedded in economic systems, contributing to the efficiency and convenience of trade and economic activities. Its symbolic and practical significance extends beyond its physical form, encompassing the trust and confidence individuals place in it as a medium of exchange within a society.