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Does money function as a medium of exchange by eliminating the need for a coincidence of wants?
It can be used to compare the value of different products.
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Why are economic transactions easier with money than with barter?
Economic transactions are easier with money than with barter because money serves as a universally accepted medium of exchange, making transactions more efficient and eliminating the need for a double coincidence of wants.
Money can be easily converted into goods or services This is an example of which function of money?
medium of exchange
Which Money can be easily converted into goods or services. This is an example of which function of money?
medium of exchange
What is trade by barter?
Trade by barter is a system of trade whereby commodities are exchanged or traded upon without the use of medium of exchange i.e money. it is cumbersome as it entails double coincidence of wants.
Why is money called a medium of exchange?
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
Why are economic transactions easier with money than with barter?
Economic transactions are easier with money than with barter because money serves as a universally accepted medium of exchange, making transactions more efficient and eliminating the need for a double coincidence of wants.
What function of money allows freedom of choice?
medium of exchange
This function allows money freedom of choice?
medium of exchange
What function of money allows freedom of choice.?
medium of exchange
Money can be easily converted into goods or services This is an example of which function of money?
medium of exchange
Which Money can be easily converted into goods or services. This is an example of which function of money?
medium of exchange
This function of money is accepted for buying clothes gas for your car or a ticket to the big game?
medium of exchange
This function of money is accepted for buying clothes gas for your car or a ticket to the big game.?
medium of exchange
What is trade by barter?
Trade by barter is a system of trade whereby commodities are exchanged or traded upon without the use of medium of exchange i.e money. it is cumbersome as it entails double coincidence of wants.
What does it mean to be a medium of exchange?
Being a medium of exchange refers to a function where a good or asset is widely accepted in transactions to facilitate trade and barter. It serves as a way to exchange goods and services without the need for a direct barter system, increasing efficiency in trade. Money is the most common example of a medium of exchange in modern economies.
Why money is called medium of exchange?
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
Why is money called a medium of exchange?
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
