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Question
Which of the following is the oldest system of money?
Which of the following is the oldest system of money?
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Solution
The correct option is A Barter
Barter system was the oldest system of money where goods were exchanged for goods and there was no common
medium of exchange in the economy. Under this system, people exchanged
commodities for commodities to satisfy their wants. For example: a person who had 1 kg
of rice and wanted 1 kg of wheat could exchange the rice with another person
who had 1 kg of wheat and wanted 1 kg of rice instead.
Barter system was the oldest system of money where goods were exchanged for goods and there was no common medium of exchange in the economy. Under this system, people exchanged commodities for commodities to satisfy their wants. For example: a person who had 1 kg of rice and wanted 1 kg of wheat could exchange the rice with another person who had 1 kg of wheat and wanted 1 kg of rice instead.
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