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How is money used as medium of exchange explain with example?

Posted by Ehathisham Ul Haq 3 years, 10 months ago

CBSE > Class 10 > Social Science

2 answers

Priyanka K 3 years, 10 months ago

Money acts as a medium of exchange in the following ways: (i) Overcomes the problem of double co-incidence of wants. For example, if a person needs wheat in exchange of tea, then he/she must search for a person who is ready to trade wheat for tea. Money made the need for such searches redundant. (ii) Acts as a medium of deferred payment. (iii) Has a store value.

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S J 3 years, 10 months ago

You give money he gave choclate

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