ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money serves as measuring stick Used to express the worth of something
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Changing one bill to another
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Exchanging businesses
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Moving into a medium developed business
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Detailed explanation-1: -A medium of exchange is an intermediary instrument or system used to facilitate the purchase and sale of goods and services between parties. For a system to function as a medium of exchange, it must represent a standard of value. Further, all parties to the transaction must accept that standard.
Detailed explanation-2: -Third: Money is a medium of exchange. This means that money is widely accepted as a method of payment.
Detailed explanation-3: -Money serves several functions: a medium of exchange, a unit of account, a store of value, and a standard of deferred payment.
Detailed explanation-4: -Currency and money are mediums of exchange. They are necessary for an economy for efficient trading and boosting the activities related to trade and exchange. Significantly, they have purchasing power, stored value, and common terminology and act as a standard unit measurement.
Detailed explanation-5: -Bobby Seale Quotes Money is the medium of exchange, and it’s how you make things happen.