The Economics of Money and Banking Chapter 2 Money and Monetary System 》》 What is Money 1 Definition Money Economists define money is anything that is generally accepted in payment for goods or services or in the repayment of debts. Money and the payment System Definition Wealth Wealth is the stock of money but also other assets such as bonds, common stock,art,land,furniture,cars,and houses,taken together Definition Income Income is the flow of money,interest rate and maturity payments per unit of time. 4 GUO YING SEM TONGJI UNIVERSITYThe Economics of Money and Banking 4 GUO YING SEM TONGJI UNIVERSITY Money and the payment System 1 What is Money Definition : Money Economists define money is anything that is generally accepted in payment for goods or services or in the repayment of debts. Definition : Wealth Wealth is the stock of money but also other assets such as bonds, common stock, art, land, furniture, cars, and houses, taken together Definition : Income Income is the flow of money, interest rate and maturity payments per unit of time. Chapter 2 Money and Monetary System