as a means of exchange in our economy makes it easier for people to make transactions with each other.

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22-07-2022
Business

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as a means of exchange in our economy makes it easier for people to make transactions with each other.

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anshumanaryan799 anshumanaryan799 · Answer 1 · 2022-07-30T16:03:07+02:00

Money is a means of exchange in our economy makes it easier for people to make transactions with each other.

Money is a commonly accepted commodity as an economic medium of exchange. It is a medium that expresses prices and values. It circulates from person to person, from country to country, promotes trade, and is a major measure of wealth.

In summary, money has taken many forms over the centuries, but money has consistently performed three functions. It is a medium of value storage, a calculation unit, and exchange. The modern economy uses legal tender. This is neither a commodity nor the money represented or "backed" by the commodity.

Exchange medium. When economists say that money acts as a medium of exchange, they mean a currency unit used to measure and compare the relative value of commodities.

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