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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

“People in a barter economy came up with the idea of money because they wanted to do something to make society better off.” Do you agree or disagree with this statement? Explain your answer.

To determine

Identify how inflation affects the functions of money.

Explanation

The barter system was an old system of exchange of goods and services. Before the invention of money, people had to get their food, clothing, and other needs by trading things. However, there were several problems associated with this trading system. Double co-incidence, transaction cost, the wants and needs of people need to match with others...

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