ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency.

Detailed explanation-2: -Bartering is the exchange of goods or services.

Detailed explanation-3: -Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment.

Detailed explanation-4: -A market is a place where people gather together in order to sell or buy products. The product can be anything such as convenience products, shopping products, etc. The market can be divided into the commodity market, capital market, etc.

Detailed explanation-5: -Money is anything that people will accept as payment for goods and services.