money is called a medium of exchange because it acts as an intermediate in exchange of commodities
A medium of exchange
The most important requirement for money to be medium of exchange is the value of money.
Money serves as a medium of exchange because it can be used to exchange many different types of goods or services by itself.
A _barter_ system involves the direct exchange of goods and services without the use of money as a medium of exchange.
Laws set by the government give Fiat money its value as a medium of exchange. Unlike traditional money or currency, it has no good which act as a medium to back it up.
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
A medium of exchange
Trading without the use of money is called bartering. In bartering, goods or services are exchanged directly for other goods or services without using a medium of exchange like money.
The most important requirement for money to be medium of exchange is the value of money.
Money serves as a medium of exchange because it can be used to exchange many different types of goods or services by itself.
A _barter_ system involves the direct exchange of goods and services without the use of money as a medium of exchange.
Money!
Laws set by the government give Fiat money its value as a medium of exchange. Unlike traditional money or currency, it has no good which act as a medium to back it up.
Products or services
It serves as a medium of exchange.
medium of exchange
medium of exchange