Difference between revisions of "Medium of exchange"

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According to [[Principles of Economics by Timothy Taylor (3rd edition)]],
 
According to [[Principles of Economics by Timothy Taylor (3rd edition)]],
 
:[[Medium of exchange]]. Whatever is widely accepted as a method of payment.
 
:[[Medium of exchange]]. Whatever is widely accepted as a method of payment.
 +
According to [[Macroeconomics by Mankiw (7th edition)]],
 +
:[[Medium of exchange]]. The item widely accepted in transactions for goods and services; one of the functions of money. (Cf. store of value, unit of account.)
  
  
 
[[Category: Economics]][[Category: Articles]]
 
[[Category: Economics]][[Category: Articles]]

Latest revision as of 17:41, 2 July 2020

Medium of exchange is whatever is widely accepted as a method of payment.


Definition

According to Principles of Economics by Timothy Taylor (3rd edition),

Medium of exchange. Whatever is widely accepted as a method of payment.

According to Macroeconomics by Mankiw (7th edition),

Medium of exchange. The item widely accepted in transactions for goods and services; one of the functions of money. (Cf. store of value, unit of account.)