LUCRE
(LOO-ker)
Money
or profits Common
clues:
"Filthy"
money; Monetary gain; Filthy stuff?; Ill-gotten profit; Pelf;
Profit; Dough; Moola Crossword
puzzle frequency:
once a year Frequency
in English language:
70610 / 86800 Video: Filthy
Lucre
A
bishop then must be blameless, the husband of one wife, vigilant,
sober, of good behavior, given to hospitality, apt to teach; not
given to wine, no striker, not greedy of filthy
lucre;
but patient, not a brawler, not covetous…
1
Timothy 3:2-3
Money
is any marketable good or token used by a society as a medium of
exchange, store of value and unit of account. Since the needs
arise naturally, societies organically create one or several
money objects when none exists. In other cases, a central
authority creates a single money object and compels its use; this
is more frequently the case in modern societies with paper money.
The
value of money emerges in no small part from its utility as a
medium of exchange, however its utility as a medium of exchange
depends on it having recognised market value. Hence these two
aspects of money are interdependent.
Commodity
money was the first form of money to emerge. Under a commodity
money system, the object used as money has inherent value. It is
usually adopted to simplify transactions in a barter economy;
thus it functions first as a medium of exchange. It quickly
begins functioning as a store of value, since holders of
perishable goods can easily convert them into durable money. In
modern economies, commodity money has also been used as a unit of
account. Gold-backed currency notes are a common form of
commodity money.
Fiat
money is a relatively modern invention. A central authority
(government) creates a new money object that has negligible
inherent value. The widespread acceptance of fiat money is most
frequently enhanced by the central authority mandating the
money's acceptance under penalty of law and demanding this money
in payment of taxes or tribute. At various times in history
government issued promisory notes have later become fiat
currencies (US dollar) and fiat currencies have gone on to become
a form of commodity currency (Swiss Dinar).
This
article is licensed under the GNU
Free Documentation License.
It uses material from the Wikipedia
article "Money".
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