Medium of exchange

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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.)
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