Medium of exchange
What Medium of exchange means in Economics GCSE, as defined for AQA.
Definitions of Medium of exchange
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Reference: AQA
A function of money that allows buyers and sellers to trade goods and services without relying on the inefficient barter system, which requires a double coincidence of wants.
Anything that is generally accepted as a means of payment, which is the primary function defining various forms as money.
Topics that use Medium of exchange
- The role of money (AQA GCSE)
Related terms
Using Medium of exchange in the exam
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