The property of being interchangeable — where individual units of a good or asset are essentially indistinguishable from one another.

From Latin 'fungi' (to perform, take the place of). In economics and law, fungible goods (oil, currency, grain) can be substituted unit-for-unit.

Interchangeability Substitutability Equivalence
Uniqueness Non-fungibility Distinctiveness
"The fungibility of climate finance flows means that funding earmarked for African renewable generation often substitutes — rather than supplements — domestic budgets for grid infrastructure."

GS3 Economy / Environment: Use for finance, commodities, energy contexts — climate-finance fungibility, water-rights fungibility, subsidy-fungibility. Higher precision than 'flexibility'.

← All Words
BharatNotes