Brooke accepts money in exchange for performing her daily tasks at her office, since she knows she can use that money to buy goods and services. in this case, money is being used as a:______.

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27-07-2022
Business

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Brooke accepts money in exchange for performing her daily tasks at her office, since she knows she can use that money to buy goods and services. in this case, money is being used as a:______.

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-09T06:49:12+02:00

Brooke accepts money in exchange for performing her daily tasks at her office, since she knows she can use that money to buy goods and services. in this case, money is being used as a medium of exchange.

A medium of exchange is an instrument which act as an intermediary instrument or system used to facilitate the sale, purchase, or trade of goods between parties. money as a medium of exchange must represent a standard of value and also all parties must accept that standard.

In modern economies, the medium of exchange is currency such as money.

Using a medium of exchange allows the economy for greater efficiency and stimulates an increase in overall trading activity of the economy. In the traditional barter system, trade between two parties was able to happen only if one party has a commodity that another party desires, and vice versa. The chance of this happening as a cross occurrence was improbable.

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