Why is modern currency accepted as a medium of exchange?
Solution
Modern currency is accepted as a medium of exchange because:-
(1) It is authorised by the Government of the Country.
(2) No individual legally can refuse a payment made in the Country's money format.
(3) no person can refuse a payment made in money. it can be exchanged with any commodity or service.
Modern currency is accepted as a medium of exchange because:-
(1) It is authorised by the Government of the Country.
(2) No individual legally can refuse a payment made in the Country's money format.
(3) no person can refuse a payment made in money. it can be exchanged with any commodity or service.
