When money serves as a medium of exchange this means that money acts as quizlet?

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- 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

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What is medium of exchange quizlet?

How does money function as a medium of exchange quizlet?

What must a medium of exchange be quizlet?

What serves as a medium of exchange unit of account and store of value?