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Question
Arrange the following systems with respect to the time they came to existence.
Arrange the following systems with respect to the time they came to existence.
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Solution
- An old way of trade where goods and services were exchanged for other goods and services is called Barter system.
- Then came the Token system where goods and services are exchanged to a token.
- Then came Community money where the token was replaced by money in different communities.
- Finally, paper currencies became the standard mode of currency.
- An old way of trade where goods and services were exchanged for other goods and services is called Barter system.
- Then came the Token system where goods and services are exchanged to a token.
- Then came Community money where the token was replaced by money in different communities.
- Finally, paper currencies became the standard mode of currency.
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