Question

9. What is money? Why is it accepted as a medium
of Exchange?​

Answer 1

Why is money accepted as a medium of exchange in India? Money is accepted as a medium of exchange because: (i)The currency is authorised by the government of the country. (ii)The Reserve Bank of India issues currency notes on behalf of the Central Government.

Answer 2

Answer:

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬.Medium of Exchange: When money is used to intermediate the exchange of goods and services, it is performing a function as a medium of exchange.