Money is commonly accepted as a medium of exchange

Introduction:
Money is a crucial concept in economics and plays a significant role in facilitating trade and economic transactions. It serves as a medium of exchange, unit of account, and store of value. In this response, we will evaluate the given options and determine which one accurately defines money.

Option (a): Anything which requires double coincidence of wants:
This definition is incorrect as it pertains to the barter system, where goods are exchanged directly without the use of money. In a barter system, individuals need to find another person who not only has the desired good but also wants the good they possess. This requirement of a double coincidence of wants makes trade difficult and inefficient.

Option (b): Anything which is commonly accepted as a medium of exchange:
This definition accurately describes money. Money is commonly accepted in exchange for goods and services, allowing individuals to trade without the need for a double coincidence of wants. It acts as a medium through which transactions can occur smoothly.

Option (c): Anything which is commonly accepted as a commodity money:
This definition is partially correct. Commodity money refers to a form of money that has intrinsic value, such as gold or silver. However, not all forms of money are commodity money. In modern economies, money is often fiat money, which has no intrinsic value but is backed by the trust and confidence of the people and the government.

Conclusion:
In conclusion, money is commonly accepted as a medium of exchange. It allows individuals to trade goods and services without the need for a double coincidence of wants. While money can be commodity money in some cases, it is not a requirement for it to be considered as such. Therefore, option (b) is the correct definition of money.

(b)
it is based on the definition given by pro. Marshall and Robertson.