currency refers to any system that uses an exchange medium.
currency refers to any system that uses an exchange medium.
which words refers to any system that uses an exchange medium?
currency
the fact that a bank or mint has always been able to generate a medium of exchange marked for more units than it is worth as a store of value, is the basis of banking. central banking is based on the principle that no medium needs more than the guarantee of the state that it can be redeemed for payment of debt as "legal tender" – thus, all money equally backed by the state is good money, within that state. as long as that state produces anything of value to others, its medium of exchange has some value, and its currency may also be useful as a standard of deferred payment among others, even those who never deal with that state directly in foreign exchange.
medium of exchange
medium of exchange









































medium of exchange is one of the three fundamental functions of money in mainstream economics. it is a widely accepted token which can be exchanged for goods and services. because it can be exchanged for any good or service it acts as an intermediary instrument and avoids the limitations of barter; where what one wants has to be exactly matched with what the other has to offer.
medium of exchange