Money by acting as a medium of exchange, provides the crucial ____ step.

see full answer

Start JEE / NEET / Foundation preparation at rupees 99/day !!

21% of IItians & 23% of AIIMS delhi doctors are from Sri Chaitanya institute !!

An Intiative by Sri Chaitanya

(Unlock A.I Detailed Solution for FREE)

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

Detailed Solution

Money, by acting as a medium of exchange, provides the crucial intermediate step.
Money is the fundamental intermediary step in an economy because it eliminates the requirement for the crucial aspect of double coincidence of wants. Any vendor no longer needs to search for a customer who won't just purchase his product and exchange it for what he wants. A "barter system" system is one in which items are traded for one another without using money. A crucial aspect of this situation is that someone wants to sell something, and someone else wants to buy it simultaneously. Put another way, both the buyer and the seller must agree to buy and sell each other's goods. As a result, items are traded using a barter system rather than money.

Watch 3-min video & get full concept clarity

hear from our champions

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET

🔥 Start Your JEE/NEET Prep at Just ₹1999 / month - Limited Offer! Check Now!

Get Expert Academic Guidance – Connect with a Counselor Today!

Result Producing online coaching for JEE/NEET of south India

Largest All India Test Series for JEE/NEET

Best Books for IIT JEE

Best Books for NEET