Question

Answer in brief. 

Explain the definitions of Money.

Answer 1

Money is anything that acts as a medium of exchange. Money is accepted by a seller in exchange of his goods and services. It also acts as a common measure of value.
Following are the different definitions of money as given by various people,
According to Prof. F.A. Walker, "Money is what money does". This definition emphasises on the different functions of money. That is, it defines money according to the various functions it performs such as being store of value or being the standard of deferred payment, etc.
Accoording to Prof. Crowther, "Money is anything that is generally acceptable, as a means of exchange and which, at the same time, acts as a measure and store of value". This definition emphasis on the two main functions of money that is as a means of exchange and as a store of value.