It is true that money functions as a medium of exchange by eliminating the need for a coincidence of wants.
What is mean by money?
- Money is a good that is widely acknowledged as a means of economic exchange.
- It serves as the medium for expressing values and pricing. It is the primary indicator of wealth since it moves from person to person and country to country, allowing trade.
- Capital goods are used in market economies because they increase productivity.
- By removing the necessity for a coincidence of wants, money serves as a medium of exchange.
- Consumer sovereignty refers to the fact that laws now safeguard consumer's freedom to spend their income anyway they see fit.
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