Question

What is meant by medium of exchange

Answer 1

Answer:

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A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties. For a system to function as a medium of exchange, it must represent a standard of value. ... In modern economies, the medium of exchange is currency.

Explanation:

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Answer 2

Answer:

What Is a Medium Of Exchange?

A medium of exchange is an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties. For a system to function as a medium of exchange, it must represent a standard of value. Further, all parties must accept that standard. In modern economies, the medium of exchange is currency.

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