12 Questions
What was the primary reason for the use of coins made by the Lycan people in 700 BC?
To facilitate exchange in a more convenient form
What is the purpose of money according to the text?
To replace bartering
Why was bartering not always practical in traditional societies?
It was difficult to determine the value of goods
What distinguished hunter-gatherers living in traditional societies according to the text?
They relied on food from wild animals and plants
How did electronic banking impact traditional banking services according to the text?
It reduced banking charges and improved convenience
What was one key function of banks like ABSA, FNB, Standard Bank, and Nedbank according to the text?
Offering services to customers
What is the role of money primarily described as in the text?
A means of exchanging goods and services
What was one key challenge faced in the bartering system according to the text?
Difficulty in determining the value of goods
In traditional societies, what was the main method of acquiring goods described as?
Hunting wild animals for sustenance
Why were coins preferred over bartering in ancient times according to the text?
Coins were easier to carry and exchange
What technological advancement revolutionized banking services according to the text?
Introduction of electronic banking
What key element did coins introduce that was absent in traditional bartering systems?
Standardized unit of value
Test your knowledge on the role of money in society, including its history and various functions such as a medium of exchange, unit of account, and store of value. Explore the study of money and its evolution through time.
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