Difference between revisions of "Medium of exchange"
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According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
:[[Medium of exchange]]. Whatever is widely accepted as a method of payment. | :[[Medium of exchange]]. Whatever is widely accepted as a method of payment. | ||
| + | According to [[Macroeconomics by Mankiw (7th edition)]], | ||
| + | :[[Medium of exchange]]. The item widely accepted in transactions for goods and services; one of the functions of money. (Cf. store of value, unit of account.) | ||
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 17:41, 2 July 2020
Medium of exchange is whatever is widely accepted as a method of payment.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Medium of exchange. Whatever is widely accepted as a method of payment.
According to Macroeconomics by Mankiw (7th edition),
- Medium of exchange. The item widely accepted in transactions for goods and services; one of the functions of money. (Cf. store of value, unit of account.)
