Q4 A of 25 Page 131

Give the short answers

Why was money invented?


Money was invented as a universally accepted medium of exchange to facilitate easy exchange of goods and services. Earlier barter system was used which had problem of double coincidence, like you want to buy a pair of shoe, and want to give some spices for it, but if the other persondoesn’t need spices, then it creates a problem, also how you will determine the value of shoe against the spices.


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