Medium of Exchange

Medium of Exchange

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Description

Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. A medium of exchange is an intermediary used in trade to avoid the inconveniences of a pure barter system. By contrast, as William Stanley Jevons argued, in a barter system there must be a coincidence of wants before two people can trade - one must want exactly what the other has to offer, when and where it is offered, so that the exchange can occur. A medium of exchange permits the value of goods to be assessed and rendered in terms of the intermediary, most often, a form of money widely accepted to buy any other good.show more

Product details

  • Paperback | 60 pages
  • 152 x 229 x 4mm | 100g
  • Loc Publishing
  • United States
  • English
  • 6136684268
  • 9786136684260