is the modern form of currency that is
accepted as the medium of exchange and is a
measure of value.
In a Barter System, where goods are directly exchanged
without the use of money, double coincidence of wants is essential. By serving as
a medium of exchange, money removes the difficulties associated with the Barter
System. Money is authorised by the government of the country and nobody can legally
refuse it as a medium of exchange for goods or services.
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