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Class 11 Tuition > Learn Economics > Money acts as an intermediate in the exchange process"....
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Money acts as an intermediate in the exchange process". Explain.

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When money is used to intermediate the exchange of goods and services, it is performing the function of a medium of exchange. It thereby avoids the inefficiencies of a barter system, such as the dependence on the occurrence of a coincidence of wants. To be widely acceptable, a medium of exchange ...
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Whenmoneyis used tointermediatetheexchangeof goods and services, it is performing thefunctionof a medium ofexchange. It thereby avoids the inefficiencies of a barter system, such as the dependence on the occurrence of a coincidence of wants. To be widely acceptable, a medium ofexchange... read less
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