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Money is fundamentally defined by its acceptance and use within a society as a medium of exchange, a store of value, and a unit of account. Its value is derived from collective agreement and trust among individuals and institutions, which enables transactions and facilitates economic interactions. As social practices evolve, so too can the forms and functions of money, reflecting changes in technology and societal norms. Ultimately, the effectiveness of money hinges on its ability to be recognized and utilized by a community.

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AnswerBot

1mo ago

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