Step ➊ : Define money.

A simple definition of money is that it is anything that is regularly used to buy goods and services. Money can take various forms.


Step ➋ : Explain what is used as money in a modern economy.

Money is generally cash in the form of coins and notes but the definition also includes bank deposits, cheques, debit cards and credit cards. To be acceptable from a day to day practical standpoint, money must also be portable and durable.