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The History of Money: From Barter to Banknotes

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The History of Money: From Barter to Banknotes

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Questions and Answers

What gives money its value?

Its chemical composition

Its physical appearance

The historic image on it

Being a medium of exchange, a unit of measurement, and a storehouse for wealth (correct)

How is money defined based on its functions?

By the historic image on it

By its chemical content

As anything used as a medium of exchange and generally accepted as a means of payment (correct)

By its physical form

How does money facilitate trade of goods and services?

By storing wealth only

Through its chemical composition

By being valuable due to its physical form

By allowing people to trade indirectly and understand the price of goods (correct)

What does 'medium' refer to in the context of money?

Go-between responsible for transactions Signup and view all the answers

What makes money valuable according to the text?

Being generally accepted as a form of payment Signup and view all the answers

How does money act as an instrument of convenience between parties?

By enabling satisfaction between parties without resorting to pure barter Signup and view all the answers

What is one of the limitations of a barter system mentioned in the text?

Traders must have products or services of equal value to trade. Signup and view all the answers

What commodity was initially chosen for use as currency, according to the text?

Pieces of fired clay Signup and view all the answers

Why did the use of livestock and grain prove to be difficult as currency?

They deteriorated over time. Signup and view all the answers

What was a limitation of the abundance or scarcity of supply as currency according to the text?

It made it impossible to adjust supply based on economic needs. Signup and view all the answers

Why did ancient societies eventually move away from barter towards using money?

To make transactions simpler and quicker. Signup and view all the answers

What was considered a stable form of currency due to its durability and divisibility?

Gold and Silver Signup and view all the answers