Medium of exchange
What Medium of exchange means in Economics A-Level, as defined for AQA.
Definitions of Medium of exchange
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Reference: AQA
A universally accepted function of money that allows workers to sell their specialised output for generalised purchasing power.
A role of currency that eliminates the need for a double coincidence of wants in barter.
Topics that use Medium of exchange
- Specialisation, division of labour and exchange (AQA A-Level)
- The structure of financial markets and financial (AQA A-Level)
Related terms
- Broad money
- Coupon
- Division of labour
- Equity
- Equity finance
- Exchange rates
- Financial intermediation
- Financial markets
Using Medium of exchange in the exam
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