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A commodity used in commercial exchange, especially coins or gold.
- ‘Central banking policy affects business activity by affecting the volume of circulating medium.’
- ‘The same cannot be said of the copper and silver coins that constituted the bulk of the circulating media.’
- ‘Despite all the counterfeiting, that system worked relatively well: the nation had a sufficient circulating medium to meets its insatiable need for credit.’
- ‘Hume argued that a country's bullion reserves were essentially determined by the size of its economy and its consequential need for money as a circulating medium.’
- ‘In a specie-poor economy, it was absolutely necessary to have some circulating medium with which one could transact business.’
- ‘As the paper money was serving as the principal circulating medium, the merchants shipped much of the nation's specie abroad to help pay for their large importations of capital and consumer goods.’
- ‘Depression is induced by a fall in consumers' outlay due to a shrinkage of the circulating medium, and is intensified by a decline in the rapidity of the circulation of money.’
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