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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,692 solutions - The asset must be acceptable to (that is, usable by) most people - It should be of standardized quality so that any two units are identical - It should be durable so that value is not lost by its quickly wearing out - It should be valuable relative to its weight so that amounts large enough to be useful in trade can be easily transported - It should be divisible so that it can be used in purchases of both low-priced and high-priced goods You value something as money only if you believe that others will accept it from you as payment. A society's willingness to use paper dollars as money is what makes them an acceptable medium of exchange Recommended textbook solutions
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Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions What is medium of exchange quizlet?medium of exchange. anything that is used to determine value during the exchage of goods and services; buying food with a money. barter. the direct exchage of one set of goods or sevices for another.
How does money function as a medium of exchange quizlet?Medium of exchange means that money is widely accepted in exchange for goods and services. An example of this function is when someone exchanges $20 to buy food at a store. . This function of money provides a common measurement of the relative value of goods and services.
What must a medium of exchange be quizlet?A medium of exchange is an intermediary instrument used to facilitate the sale, purchase or trade of goods between parties. For an instrument to function as a medium of exchange, it must represent a standard of value accepted by all parties. In modern economies, the medium of exchange is currency.
What serves as a medium of exchange unit of account and store of value?Money is anything that serves as a medium of exchange. Other functions of money are to serve as a unit of account and as a store of value. Money may or may not have intrinsic value. Commodity money has intrinsic value because it has other uses besides being a medium of exchange.
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When money serves as a medium of exchange this means that money acts as quizlet?
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