Question

Arrange the following systems with respect to the time they came to existence.

• A. Community money
• B. Barter system
• C. Paper currency
• D. Token system

Answer 1

• 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.