Social Sciences, asked by rockyy1, 1 year ago

why money is called medium of exchange

Answers

Answered by amitkhokhar2

money is used to get anything where to buy anything thing first there was the barter system where we have to pay money but you have to exchange the goods it requires the double coincidence then only we can get the product but when we invented money it was lot easier to buy anything or substance easily

Ritikpoonia: Money eliminates coincidence of wants.
A person holding money can exchange it for any goods or services that the or she might need
Since money acts as an intermediate in the exchange process,it is called the medium of exchange

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Answered by snishthasingh

Hello friend !!
Here is your answer.

Since money acts as an intermediate in the exchange process, it is called a medium of exchange. Because money eliminates the need for double coincidence of wants.

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