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In economics, a medium of exchange is any item that is widely acceptable in exchange for goods and services. [1] In modern economies, the most commonly used medium of exchange is currency . Most forms of money are categorised as mediums of exchange, including commodity money , representative money , cryptocurrency , and most commonly fiat money .
The definition of money says it is money only "in a particular country or socio-economic context". In general, communities only use a single measure of value, which can be identified in the prices of goods listed for sale. There might be multiple media of exchange, which can be observed by what is given to purchase goods ("medium of exchange ...
The exchange rate is also regarded as the value of one country's currency in relation to another currency. [3] For example, an interbank exchange rate of 141 Japanese yen to the United States dollar means that ¥141 will be exchanged for US$1 or that US$1 will be exchanged for ¥141. In this case it is said that the price of a dollar in ...
A currency [a] is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. [1] [2] A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. [3]
Third, value is not the same thing as exchange-value (or price). Rather, the value is the shared characteristic of the exchange-values of all the commodities. He calls this the "common factor", whereas someone else might call it the "essence". In contrast, the exchange-value represents the appearance or "form" of expression of value in trade.
Competition for the means of production may exist under various conditions; Anything which may be transferred between individuals by compensation may be an object of exchange; Conditions of exchange may be traditional, conventional (exchange of gifts) or rational (motivated by profit or need) Regulations may threaten the source of supply
Exchange rate, the price for which one currency is exchanged for another; Gas exchange, by diffusion across a surface; Internet exchange point, allowing Internet service providers to exchange data; Prisoner exchange, or prisoner swap; Student exchange program; Trade, the exchange of goods or services for money or other goods or services
A Splendid Exchange: How Trade Shaped the World. New York: Grove Press. ISBN 978-0-8021-4416-4. Davies, Glyn (2002) [1995]. Ideas: A History of Money from Ancient Times to the Present Day. Cardiff, Wales: University of Wales Press. ISBN 978-0-7083-1773-0. Archived from the original on 23 February 2007