Money: definition of basic concept of money

                     Definition of money

Definition of money can be classified as follows on the basis of their nature.

Definition based on nature of money:-

1. Descriptive or functional definition:-

According to crowther ,  money is anything that is commonly used and generally accepted as a means of exchange and at the same time act as a measure and store of value.

In this category, the scholar have defined the money particularly on the basis of function of money. Indirectly they describe money instead of defining it and there is a radical difference between description and definition.

So, even if definition are accepted in practice,they can't be given recognition.

2. On the basis of common acceptance:-

According to Marshall money include all those thing which is commonly used and generally accepted without doubt or special enquiry as a means of purchasing commodities or service.

3.legal definition:-

According to this principle only such a thing can be a money which has been declared legally by the government.

Definition on the basis of expansion:-

1. Definition with the narrow point of view:-the definition of Robertson is kept in this category. Robertson and his associates held that a commodity which is used to denote anything which is widely accepted in payment of good is money.

But, from that point of view only gold is the thing which is accepted in all country for replacement. So, this definition is thought as narrow.

2 .Definition with broad point of view:-

This category include the definition given by hartel wither " money is what money does".

This is descriptive as well as universal definition . According to this definition not only metal or curriencies but also cheque , bull of exchange and othro credit instrument are included in the definition of money.

3. Proper definition:-

After analysing the point of DIFFERENT economist we get to know that common acceptance is focused and measuring value is given more priority.

So, finally we can define money as 

Money is something which is accepted freely and widely as a medium of exchange,measuring value, final repayment of loan and accumulating values.