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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

Why (not how) did money evolve out of a barter economy?

To determine

Explain the emergence of money in the barter system.

Explanation

The barter system was the old system of exchange goods and services with goods and services. There are several problems associated with this trading system. Double co-incidence, transaction cost, the wants and needs of people need to match with others, and in this system, there is no common measure of value...

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