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How money became a medium of …

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How money became a medium of exchange

    • Posted by Sambhav Chopra 6 years, 5 months ago

    CBSE > Class 10 > Social Science
    • 2 answers

    Raunak Chauhan 6 years, 5 months ago

    Money is become a medium od exchange goods because it is widely accepted and nobody can refuse it because it is authorized by the indian government.Befor the start use of money one people exchange their goods from one another in this system double coincidence wants .If a people want to buy a shoe and he has wheat but a person has shoe but he wants rice so first he wants to search a man who wants wheat annd has rice .Sometimes this process take a lots of time and since miney is widely accepted therefore it becomes a medium if exchange .If you have money you can buy anything there is no needs of doubles coincidence

    1Thank You

    Sidharth ($Id) 6 years, 5 months ago

    Money is called a medium of exchange because it serves as a common mode through which people can buy what they want and sell what they have. The use of money did away the barter system and thus ended the concept of double coincidence of wants. A person have money can buy anything that he/she wants, unlike in the barter system. He/she can sell his/ her goods in the market in exchange of money and can buy other things with that money. In simpler terms, it has made exchange process simpler.

    5Thank You

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