Map of Erchie on Sellers must be willing to accept money in lieu of items as well as repayment of debt. One of the most significant benefits of having a universally recognized medium of exchange is that it reduces the problem of the double coincidence of wants. This means more exchange, greater specialization, more economic activity and economic growth. Gresham’s Law, while it does not disappear completely, becomes much less of an issue with a generally accepted medium of exchange particularly with coins and paper currency. Gresham’s Law refers to the fact that, whenever possible, low rather than high quality commodities typically will be offered as payment for goods and services. Having a relatively uniform medium of exchange reduces the probability of this occurring and increases the likelihood that individuals will exchange with one another. Because most individuals do not spend all of their income at once, the ability to save or accumulate wealth is extremely important. Map of Erchie 2016.
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