Medium Of Exchange (Noun)
Meaning
Anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The US dollar serves as a widely accepted medium of exchange for international trade and commerce.
- In some African countries, cattle have historically been used as a medium of exchange due to their value and portability.
- Gold has long been considered a reliable medium of exchange and store of value across many cultures.
- In modern times, digital currencies like Bitcoin are emerging as a new medium of exchange, particularly among online communities.
- In ancient times, shells and other precious commodities were used as a medium of exchange in various societies.