NOUN
- anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
How To Use medium of exchange In A Sentence
- Stainless steel made good medium of exchange on a planet where all metal had to be imported.
- A common answer is ‘anything that can be used as a medium of exchange’.
- Money traditionally is both a riskless, liquid asset and a medium of exchange.
- He then shifts to the use of gold in Greece, Rome, and Byzantium, initially as adornment but later as a medium of exchange.
- Given a medium of exchange, people can trade even if their wants and needs don't directly coincide.
- My thinking is now that horded money does indeed spoil if it is not used to do what money is supposed to do, which is act as a means/medium of exchange to distribute otherwise incompatible or incommensurate use values. Matthew Yglesias » Accounting Identities and Straussian Economics
- The same qualities that made gold a desirable medium of exchange in the ancient world make orichalc useful to mages.
- It is the principle of being a medium of exchange and only because of this that secondary functions come into being, such as the role of money as a store of value.
- Also unheard-of was a cartel cornering a commodity such as crude oil, as long as the medium of exchange was gold.
- No asset since gold in the 19th century enjoys such broad acceptance as both a medium of exchange and a store of value as the dollar.
