Every person is willing to accept money in payment, rather than goods and services. Economists summarize this fact by saying that money is a:
Money is a medium of exchange.
Unlike in barter system where people exchange goods and services for other goods and services subject to double coincidence of wants, in a monetary system, money is accepted as a universal medium of exchange.
Every person is willing to accept money in payment, rather than goods and services. Economists summarize...