Any asset that sellers will accept as payment is a(n)

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A medium of exchange is any asset that can be used to purchase goods and services. When sellers accept an asset, such as cash or credit cards, as payment for a product or service, it becomes a medium of exchange. Unit of accounting refers to the measure of value in which prices are quoted, and store of value refers to an asset that can be saved and used later without losing its value. Standard of deferred payment refers to the agreed-upon way of paying for a good or service at a later date. While all of these are important functions of money, the asset that sellers accept as payment is specifically a medium of exchange.

Any Asset That Sellers Will Accept as Payment Is A(n)