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E-book Finance 4.0 Towards a Socio-Ecological Finance System : A Parcipatory Framework to Promote Sustainability
As we use money every day without much thought, it is important to understandhow it does work before discussing its future. Money is “the set of assets in aneconomy that people regularly use to buy goods and services from other people”[2]. In particular, money serves certain desiredeconomic functions, which requirecertainphysical propertiesof assets. Over time, different approaches have evolvedinto differentlegal typesof money.To be usable as money, assets need to fulfill three economic functions [2, 3].First, they need to be able to act as amedium of exchange. A medium of exchangeis something that sellers accept from buyers in exchange for a good or service in theact of purchase. In order for the transaction to take place, it is crucial that the selleraccepts the medium of exchange the buyer is offering for payment. Otherwise, thepurchase will not take place.
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