Standard of deferred payment

deferred payment periodrepaid
In economics standard of deferred payment is a function of money.wikipedia
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Money

monetaryspeciecash
In economics standard of deferred payment is a function of money. When currency is stable, money can serve all four functions.
The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment.

Medium of exchange

mediums of exchangeexchange mediumfreely exchangeable for goods
The other three being medium of exchange, store of value, and unit of account. For certain kinds of transactions (such as for illegal goods like drugs or weapons), gold or diamonds may be preferred as the medium of exchange — there being no recourse in case of counterfeit currency being used — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars.
As long as that state produces anything of value to others, its medium of exchange has some value, and its currency may also be useful as a standard of deferred payment among others, even those who never deal with that state directly in foreign exchange.

Financial capital

capitalfinance capitalfinancial
When it is not, or when complex and volatile forms of financial capital are involved, some may wish to identify a single standard of deferred payment to avoid strategic behavior.
standard of deferred payment,

Commodity money

speciecommoditycommodity standard
Most forms of money can act as standards of deferred payment including commodity money, representative money and most commonly fiat money.
Although some commodity money (barley) has been used historically in relations of trade and barter (Mesopotamia circa 3000 BC), it can be inconvenient to use as a medium of exchange or a standard of deferred payment due to transport and storage concerns, and eventual rancidity.

Legal tender

demonetizationdemonetizedtender
A device is termed "legal tender" if it may serve to discharge (pay off) debts; thus, while US dollars are not backed by gold or any other commodity, they draw value from being legal tender – being usable to pay off debts.
Standard of deferred payment

Debt

debtsprincipalborrowing
It is the function of being widely accepted way to value a debt; thereby allowing goods and services to be acquired now and paid for in the future.

William Stanley Jevons

JevonsStanley JevonsJevons, William Stanley
The 19th-century economist William Stanley Jevons, influential in the study of money, considered it to be one of four fundamental functions of money.

Store of value

stores of valuea firm foundationput
The other three being medium of exchange, store of value, and unit of account.

Unit of account

money of accountunits of accountaccounting currency
The other three being medium of exchange, store of value, and unit of account.

Representative money

representativenegotiatedcommodity backed
Most forms of money can act as standards of deferred payment including commodity money, representative money and most commonly fiat money.

Fiat money

fiat currencyfiatfiat currencies
Most forms of money can act as standards of deferred payment including commodity money, representative money and most commonly fiat money.

Digital currency

electronic moneydigital currencieselectronic purse
Representative and fiat money often exist in digital form as well as physical tokens such as coins and notes.

Currency

currenciesforeign currencycoinage
When currency is stable, money can serve all four functions.

Fungibility

fungiblefungible goods
the unit of account function which requires fungibility so accounts in any amount can be readily settled.

Inflation

inflation rateprice inflationfood inflation
A debt is a deferred payment; a standard of deferred payment is what they are denominated in. Since the value of money – be it dollars, gold, or others – may fluctuate over time via inflation and deflation, the value of deferred payments (the real level of debt) likewise fluctuates.

Deflation

deflationarydeflationary spiralmoney supply contracted
A debt is a deferred payment; a standard of deferred payment is what they are denominated in. Since the value of money – be it dollars, gold, or others – may fluctuate over time via inflation and deflation, the value of deferred payments (the real level of debt) likewise fluctuates.

Rule of law

the rule of lawlegal forcerule
Deferred payment is based on enforceability of debts and rule of law, and is not used or rarely used when debts are unlikely to be collectable.

Black market

underground economyblack moneyblack-market
For certain kinds of transactions (such as for illegal goods like drugs or weapons), gold or diamonds may be preferred as the medium of exchange — there being no recourse in case of counterfeit currency being used — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars.

Illegal drug trade

drug traffickingdrug dealerdrug dealing
For certain kinds of transactions (such as for illegal goods like drugs or weapons), gold or diamonds may be preferred as the medium of exchange — there being no recourse in case of counterfeit currency being used — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars.

Diamond

diamondsdiamond miningindustrial diamond
For certain kinds of transactions (such as for illegal goods like drugs or weapons), gold or diamonds may be preferred as the medium of exchange — there being no recourse in case of counterfeit currency being used — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars.

Counterfeit

counterfeitingcounterfeiterbootleg
For certain kinds of transactions (such as for illegal goods like drugs or weapons), gold or diamonds may be preferred as the medium of exchange — there being no recourse in case of counterfeit currency being used — and there is rarely any deferral of payment: if there is, it will most likely be stated in dollars.

Creditor

lendercreditorslenders
Historically, there have been many times when creditors have had to hide from debtors to avoid being paid off in near worthless currency, typically following hyper-inflation.

Debtor

borrowerdebtorsborrowers
Historically, there have been many times when creditors have had to hide from debtors to avoid being paid off in near worthless currency, typically following hyper-inflation.

Hyperinflation

hyper-inflationinflationgalloping inflation
Historically, there have been many times when creditors have had to hide from debtors to avoid being paid off in near worthless currency, typically following hyper-inflation.

Time-based currency

Time Banktime bankingtime banks
Time-based currency such as Ithaca Hours establishes fixed amounts of human labour as the only standard of deferred payment.