Money serves as a medium of exchange because it can be used to exchange many different types of goods or services by itself.
Products or services
It serves as a medium of exchange.
They mean that it serves as a way of exchange commodities.
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
Products or services
It serves as a medium of exchange.
They mean that it serves as a way of exchange commodities.
A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system.
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
money is called a medium of exchange because it acts as an intermediate in exchange of commodities
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account.
Money is often defined in terms of the three functions or services that it provides. Money serves as a medium of exchange, as a store of value, and as a unit of account.
The most important requirement for money to be medium of exchange is the value of money.
Money!
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.