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What is a medium of exchange?

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a

Grains

b

Cattles

c

Shoes

d

Money

answer is D.

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Detailed Solution

Money is a medium of exchange.
Money is a medium of exchange used to buy all goods and services and is widely accepted. The money includes currency (paper notes and coins), bank deposits, money in accounts, debit and credit cards, etc. A person with money can exchange it for any commodity or service. The government legally authorizes it, and no one can refuse to accept it to settle transactions or payments. It acts as a medium of exchange between different regions and countries. Money makes the process of transactions easy and quick and is very convenient to use in the country. Monetary transactions are widely accepted and initiate the exchange process between different individuals.

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What is a medium of exchange?