Question

Define the term Money as a medium of exchange​

Answer 1

A medium of exchange is something that a seller is willing to exchange for a good or service. Since all people in the economy generally recognize money as something valuable, it works as a medium of exchange for nearly all purchases.

Answer 2

Money is a particular type of asset in an economy that people use to buy goods and services from other people or businesses. A medium of exchange is something that buyers will exchange with a seller when they want to purchase goods or services from the seller. While many things could be used as a medium of exchange in an economy, money is the most common and useful medium of exchange in our society.

Function
Money actually serves several different key functions in our economy. It is a medium of exchange, a unit of account, and a store of value. In this lesson, we're focusing on the particular role money plays as a medium of exchange in the marketplace.

Money helps to facilitate trade because people in the economy generally recognize it as valuable. Since most people recognize money as valuable, they are willing to trade money for goods and services with the intention of one day using the money they received as a seller to buy goods or services from someone else. If people stop recognizing money as valuable, then it will cease to be a good medium of exchange because people will not be willing to trade goods or services for it.

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