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Money can be used as a medium of ____.

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Detailed Solution

Money holds value and can be used as a medium of exchange. In day-to-day transactions, goods and services can be bought and sold with the help of money. Transactions can be made with cash as a person holding money can exchange it for any commodity or service. It can also be exchanged while consuming any service, such as a doctor, teacher, etc. The use of money has made it easier to live in this world. In earlier times, the barter system was used as a means of exchange in which one commodity was exchanged for another. But, it creates many problems. So, the use of money made the exchange of goods much easier.

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