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Money

1. Anything that serves the three basic purposes of money: medium of exchange; store of value; unit of account. 2. In modern economies, a currency issued by an agency of government. 3. As an adjective, "money" refers to the value of something denominated in the prevailing currency and not corrected for inflation; contrasts with real.

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Situation where the spot price of an option's underlying is well above (call) or below (put) the strike price. See also at the money, out of the money.

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