„Medium of Exchange“
What does Medium of Exchange stand for?
Anything which is widely accepted in payment for goods and services and in settlement of debts. Its acceptability is based upon the fact that it can provide a common basis of measurement of the value of things.
Source:
Currency and Exchange RateView all itemsMishkin, Frederic S. “The Economics of Money, Banking, and Financial Markets.” 10th edition, Pearson, 2013.
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