to settle (a debt, obligation, etc.), as by transferring money or goods, or by doing something: Please pay your bill. to give over (a certain amount of money) in exchange for something: He paid twenty dollars for the shirt.
Each individual conceives the value of money for success, perceives the value of money for social status, and senses the value of money as a means to fulfill physical needs. Money became a symbol for the success and fulfillment of the individual as a member of the collective.
Money today is fiat money, a symbol of value created by the human imagination with no intrinsic value of its own. A coin or paper currency note has value because people accept it as a symbolic medium of exchange. The economic value of money as measured by its purchasing power is a subject of economic theory. However economics does not explain how individual human beings and societies came to accept symbolic money as a medium of exchange or store of value. The process of according value to a symbol is psychological and social.