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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 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 ...
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 ...
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]
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
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
a value, represented by the socially necessary labour time to produce it (Note: the first link is to a non-Marxian definition of value); a use value (or utility); an exchange value, which is the proportion at which a commodity can be exchanged for other entities; a price (an actual selling price, or an imputed ideal price).
A store of value is any commodity or asset that would normally retain purchasing power into the future and is the function of the asset that can be saved, retrieved and exchanged at a later time, and be predictably useful when retrieved.