Question

how is money used as medium of exchange ?explain example

Answer 1

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Money is any good that is widely accepted in exchange of goods and services, as well as payment of debts. Most people will confuse the definition of money with other things, like income, wealth, and credit. Three functions of money are: ... Medium of exchange: Money can be used for buying and selling goods and services.....❤️❤️❤️

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Answer 2

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Money Act as an intermediate in the exchange process. Following examples justify the use of money as a medium of exchange

⏩In day-to-day transactions, goods are being bought and sold with the use of money.

⏩The transaction are made in money as a person holding money can easily exchange it for any commodity or services.

⏩Use of money has made things easier to exchange as we can exchange it for any commodity we need.

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