A medium of exchange that is centralized, generally accepted, recognized, and facilitates transactions of goods and services, is known as money. is a medium of exchange for various goods and services in an economy
What is ‘Money’
Canada The mone came into existence to overcome the drawbacks of the barter system. Earlier, people use to exchange goods and services as a form of commerce. This often led to many disadvantages, one of which was the double coincidence of wants. To solve this problem, a standard medium of exchange, , was introduced
- Money is a medium of exchange for various goods and services in an economy.
- The mone system varies with the governments and countries
- Different countries have different currencies
- The central authority is responsible for monitoring the monetary system
- There are many forms of money, and cryptocurrency is the newest addition to the forms of and can be internationally exc
cigarettes.
was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value.[4] Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for “all debts, public and private”, in the case of the United States dollar.