Money has three roles:
- Medium of Exchange → Money (Medium of Exchange)
- Store of Value → Role of Money
- Unit of Account → Balance Sheet
Properties Required in Physical Money
- Divisible ⇒ numerical money. You can divide it into as much as reasonable in transaction
- Scarce ⇒ gold/silver is often used
- Desirable ⇒ again, gold/silver.
- Durable ⇒ metallic goods
See the Gold Standard for more information
Sociology Perspective:
See (Article) Minimum Viable Superorganism Melting Asphalt
Money is industrial-grade prestige status