medium of exchange


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Related to medium of exchange: measure of value

Medium of Exchange

Anything used as money. A medium of exchange is most commonly a currency, but it may be a commodity agreed-upon in a certain area as having a value. Examples include gold, silver, or even seashells.

medium of exchange

see MONEY.

medium of exchange

an attribute of MONEY, enabling people to price goods and services and exchange them, using money as a common denominator rather than exchanging one good directly for another (as in BARTER).
References in periodicals archive ?
So it seems that the ultimate fundamental difference between a highly developed Bitcoin system and our current Fed-based, paper-money arrangement is political--the tangible resource costs of creating the medium of exchange are extremely low in both cases.
Moreover, contrary to Block's position, I contend that once fiat notes pass into the hands of the general public, their use as a medium of exchange becomes legitimate by them, and involves nether fraud nor robbery.
The classic example of a commodity evolving into a medium of exchange is the use of cigarettes in prisoner of war (POW) camps in Germany during World War II, as described by Radford (1945).
That is, a check is a means of payment and hence generally accepted in transactions, though it is not a medium of exchange.
If you rely on a standard textbook definition, you'd describe money in terms of its functions, for example, "Whatever is used as a medium of exchange, unit of account, and store of value.
As I am primarily interested here in the medium of exchange role of private money, I will assume throughout that [phi] > 0.
Coins remained the most popular medium of exchange in the United States until the beginning of the 20th century.
In the meantime, gold is the most desirable medium of exchange for large transactions, such as property purchases.
The sessions will begin with a discussion of the use of "tobbacco" as a medium of exchange and a girl of respect for services.
In such a framework, there is no need for a medium of exchange and no role for money.
XML technology is turning the Internet into a powerful medium of exchange, for business-to-business (B2B) and business-to-consumer (B2C) e-commerce, for education, for e-government, and much more.
Making comparisons is the medium of exchange of economic analysis.

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