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Sagot :
The correct answer to the given statement is TRUE. when you purchase school supplies at the book store using cash, you are using money as a medium of exchange.
A medium of exchange is a device or system that acts as a go-between and makes it easier for parties to exchange items for sale, purchase, or trade. It takes the representation of a standard of value for a system to work as a medium of exchange. All parties must also agree to that standard. The means of exchange in contemporary economies is money.
As a Means of Exchange, Money
Anyone with money has the ability to compete on an equal footing in the market. Customers are essentially placing a bid in response to an asking price when they use money to buy an item or a service. The market is made more predictable and orderly by this interaction. When prices are predictable and steady, producers know what to produce and how much to charge, and consumers can dependably arrange their budgets.
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