Definition: Roughly defined, economists consider money to be anything that is commonly accepted by creditors as repayment of debt or by sellers in exchange of goods and services. Economists have several definitions for what is considered money in a specific situation. The definitions of money differ by their liquidity or specifically how different they are from currency. Some common definitions of money are M0 money (hard currency), M1 money (M0 plus deposits in chequing accounts and traveler's checks), M2 money (M1 plus deposits in savings accounts and deposits in money market accounts). A further definition, M3 was discontinued in 2006 by the Federal Reserve.
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