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if money were not used as a medium of exchange, group of answer choices the gains from trade would be severely limited because of the difficulty of trading goods for other goods. our standard of living would probably improve. the transaction costs of exchange would be lower. economic efficiency would increase.

Respuesta :

The benefits of trade would be drastically reduced if there was no currency to exchange goods and services.

Money serves as a medium of exchange, enabling individuals and businesses to get what they need to survive and succeed. Prior to the invention of money, bartering was a form of transaction. Money has worth because, like gold and other precious metals, it frequently denotes an item that most people find desirable.

Trade is facilitated by money since it is valued by the majority of individuals in the economy. Money is referred to be a medium of exchange since it is a widely utilized token that can be used to exchange for any item or service.

To learn more about the medium of exchange

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