What is meant by the statement "money is a medium of exchange"?

Money can be traded for goods and services.

Explanation:

Money can be used to purchase goods and services in the product markets, where producers sell goods and services to consumers. For instance, an English teacher earns certain amount of money for her work, which she uses to buy a portable projector for her classes. Thus, the money is used as a medium of exchange of services, such as the teacher's classes, and goods, such as the teacher's new projector.

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