Money as a Medium of Exchange: Definition, Function & Examples

Instructions:

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question 1 of 3

Which of the following is the best explanation of money?

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1. If most people in an economy are willing to trade goods and services for money, what function is money serving?

2. Money functions as a medium of exchange except for in the case of:

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About This Quiz & Worksheet

Money serves a number of integral purposes in society. This quiz focuses on its use as a medium of exchange, testing you on defining key terms and understanding what can impact money.

Quiz & Worksheet Goals

This money quiz specifically tests your ability to:

  • Decide the best explanation of money
  • Understand the function money serves as in a given economy
  • Determine if a fact about money is true or false
  • Explain hyperinflation and how it affects money as a medium of exchange

Skills Practiced

  • Reading comprehension - draw from the most pertinent information found in the lesson on money as a medium of exchange
  • Critical thinking - use this information to consider if a given fact about money is true or false
  • Defining key concepts - accurately define relevant concepts like money and hyperinflation

Additional Learning

The lesson called Money as a Medium of Exchange: Definition, Function & Examples covers the following objectives:

  • Define medium of exchange
  • List multiple functions of money
  • Provide examples of money working as a medium of exchange
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