Evolution of Money Quiz

Money serves as a store of value, a medium of exchange, and a unit of account in a society's economy.

The barter system involves the direct exchange of goods and services without the use of money, whereas money facilitates indirect exchange and standardizes the value of goods and services.

The concept of money has evolved from barter systems to physical coins, paper money, electronic transactions, and virtual currencies due to technological advancements.

<p>Virtual currency examples include cryptocurrencies like Bitcoin, Ethereum, and other digital tokens used for online transactions.</p> Signup and view all the answers

<p>Store of value, medium of exchange, unit of account</p> Signup and view all the answers

<p>Barter system</p> Signup and view all the answers

<p>Initial coin made by precious metal, low valued metal coin, paper money, virtual currency</p> Signup and view all the answers

<p>Barter system to initial coin made by precious metal to low valued metal coin to paper money to virtual currency</p> Signup and view all the answers