medium of exchange

English - English

Definition of medium of exchange in English English dictionary: An intermediary used in trade to avoid the inconveniences of a pure barter system, such as money; Anything that is acceptable in exchange for goods and services; Something, such as a precious metal, that is commonly used in a specific area or among a certain group of people as money; an item that is generally accepted as a means of payment for goods and services (chapters 2 and 10); The most general name for things or services exchanged, including money, credit, hours of labor, etc, etc, indeed anything of value; an item that can be commonly exchanged for goods and services throughout the economy; Anything accepted in exchange in lieu of the wealth form desired; An item that buyers give to sellers when they want to purchase goods and services (pg 27); Currency; an intermediate used during trade or commerce; an expediency accepted in an exchange; that which is used as money in an exchange; anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region