News tagged with money

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Model Arkansas way of expanding Medicaid at risk

Less than a year after its approval, Arkansas' much-heralded plan to expand Medicaid by buying private insurance for the poor instead of adding them to the rolls is on the brink of being abandoned. Supporters are worried ...

Feb 06, 2014
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Nobel laureate: 'Joy, disbelief' at news

Randy Schekman, one of the recipients of the 2013 Nobel Prize for Medicine, told AFP Monday that he received the news with a mixture of "disbelief and joy." ...

Oct 07, 2013
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Britain gives $1.6 billion for AIDS, malaria, TB

Britain has announced that it is giving 1 billion pounds, or $1.6 billion, to The Global Fund to Fight AIDS, Tuberculosis and Malaria over the next three years and hopes the money will lead to "some incredible results."

Sep 23, 2013
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IBM moving some retirees off its health plan

IBM plans to move many retired workers off its health plan and give them money to buy coverage on a health-insurance exchange. The move is part of a corporate trend away from providing traditional retiree health benefits ...

Sep 08, 2013
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Social giving makes us happier

People usually feel good when they make a charitable donation, but they feel even better if they make the donation directly to someone they know or in a way that builds social connection. Research to be published in the International Jo ...

Aug 20, 2013
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Money

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value, and occasionally, a standard of deferred payment.

Nearly all contemporary money systems at the national level are fiat money systems. Fiat money is without value as a physical commodity, and derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the national boundaries of the country, for "all debts, public and private". By law, the refusal of a legal tender (offering) extinguishes the debt in the same way acceptance does. Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender, however, they trade based on the market price of the metal content as a commodity, rather than their legal tender face value (which is usually only a small fraction of their bullion value).

The money supply of a country is usually held to consist of currency (banknotes and coins) and 'deposit money' (the balance held in checking accounts and savings accounts). These demand deposits usually account for a much larger part of the money supply than currency. Deposit money is intangible and exists only in the form of various bank records. Despite being intangible, deposit money still performs the basic functions of money, as checks are generally accepted as a form of payment and as a means of transferring ownership of deposit money.

More generally, the term "price system" is sometimes used to refer to methods using commodity valuation or money accounting systems.

This text uses material from Wikipedia licensed under CC BY-SA