Question

what do you mean by term medium of exchange​

Answer 1

Answer:

Medium of exchange:- something commonly accepted in exchange for goods and services and recognized as representing a standard of value.

Answer 2

Medium of exchange can be defined as anything that can be used to buy and sell goods and services.

Explanation:

1. Money is considered to be the medium of exchange because it can be used to exchange goods and services in return of payment of consideration.
2. Medium of exchange it is important because if there is no common medium of exchange, the real value of the products cannot be assessed.
3. This could result in losses to the seller. Therefore, medium of exchange plays a very important role in determining the economies of selling any product.