Medium of Exchange in Economics: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is not a function of money?

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1. What is the definition of medium of exchange?

2. Money that can be stored and retain its value is the definition for what?

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About This Quiz & Worksheet

The medium of exchange plays a vital role in keeping the economy moving. This quiz/worksheet combo will test your knowledge of this term and its significance in economics.

Quiz & Worksheet Goals

In these assessments, you will find out what you know about the following:

  • Function of money
  • The definition of medium exchange
  • Money that can be stored and retain its value

Skills Practiced

  • Information recall - access the knowledge you've gained regarding what function you use when calculating the value of money
  • Knowledge application use your knowledge to answer questions about medium exchange and its role in satisfying or completing a financial obligation
  • Interpreting information - verify that you can read information regarding how stored money can maintain its worth and interpret it correctly

Additional Learning

Keep learning about this subject by reviewing the lesson called Medium of Exchange: Definition & Examples. The lesson will cover the following areas:

  • Common currency used in modern economies
  • Three functions of medium of exchange in economics
  • Examples of medium of exchange in business transactions
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