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How do money act as medium of exchange?

Posted by Archana Kumari 5 years, 1 month ago

CBSE > Class 10 > Social Science

2 answers

Yogita Ingle 5 years, 1 month ago

Money can be exchanged for any kind of service of one need or choice. Before money was introduced, people practised Barter system. They exchanged goods with each other .

The problem with barter system was that both the parties had to agree to sell and buy each other product .This is know as double coincidence of wants .

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King Adithya H M... 5 years, 1 month ago

Answer. Money is used as a medium of exchange by: ... Goods and services can be bought and sold with the use of money. For example, someone who wants shoes can buy it with money and if someone wants to sell shoes, that also can be done by receiving money.

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