medium of exchange
Money, essentially speaking
A medium of exchange is anything widely accepted in trade for goods and services.
Money is the most familiar example, but historically people have used shells, beads, cigarettes, or precious metals.
The key requirement is that both parties in a transaction trust the medium holds value: Gold served as a medium of exchange for thousands of years.
- coinStamped metal currency
- pocket changeMinor cash on hand
- cashReady spending funds
- cold hard cashPhysical currency, not credit
- cash moneyMoney you can touch
currency · fiat currency · paper money · legal tender · wampum · money · cowrie · note · bill · fungibility · specie · standard · banknotes · value · shell money · trade goods · gold · monetary system
- money functionsstore of value, deferred payment, purchasing power
medium of exchangebarter
Direct goods-for-goods exchange
direct exchange · swap · countertrade · gift economy · self-sufficiency
medium, exchange, immediately, immediate, mediator, median, mediation, intermediate, exchanged