Question

Why is money called ‘a medium of exchange’? [All India 2017]

Answer 1

Answer:

it is called a medium of exchange because we can use it to buy anything we want to buy

Answer 2

Explanation:

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.

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