medium of exchange

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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 ?
Kiyotaki and Wright (1989) use a search-theoretic model to study the properties of commodity monies that lead them to be used as mediums of exchange.
Other practices could have limited mediums of exchange appropriate for regional cultures.