MONEY

             Money is a thing that is usually accepted as payment for goods and services as well as for the repayment of debts.

Types of Money 

• Commodity Money - Commodity money value is derived from the commodity out of which it is made. The commodity itself represents money and the money is the commodity. For instance, commodities that have been used as mediums of exchange include gold, silver, copper, salt, peppercorns, rice, large stones, etc. 
• Representative Money - Representative Money includes token coins, or any other physical tokens like certificates, that can be reliably exchanged for a fixed amount/quantity of a commodity like gold or silver. Fiat Money - Fiat money, also known as fiat currency is the money whose value is not derived from any intrinsic value or any guarantee that it can be converted into valuable commodity (like gold). Instead, it derives value only based on government order (fiat). 
• Commercial Bank Money - Commercial bank money or the demand deposits are claims against financial institutions which can be used for purchasing goods and services. 
• Narrow and Broad Money - Money supply, like money demand, is a stock variable. The total stock of money in circulation among the public at a particular point of time is called money supply.