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Q.

[[1]]acts as a medium of exchange.


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Detailed Solution

Money serves as a medium of exchange. By the medium of exchange, we mean something which can be used to settle the financial needs of any transaction. Money serves as a medium of exchange as it acts as an intermediary in the exchange procedure. Suppose a cobbler wants to hire a lawyer for his property case. It is quite a complex procedure to count how many shoes the cobbler would be required to mend to pay a lawyer's fees and whether the lawyer needs his service. In conclusion, both will want to make the procedure simple and easy by using money as a medium of exchange.
 
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