Asked by Gloria Martin-Mays on May 19, 2024
Verified
Economists argue that the move from barter to money increased trade and production. How is this possible?
Barter
The direct exchange of goods and services without the use of money as a medium of exchange.
Money
A medium of exchange that facilitates the sale, purchase, or trade of goods between parties.
- Master the theoretical concepts and practical considerations of money's functions in an economic context.
Verified Answer
KM
Karishma MevawalaMay 22, 2024
Final Answer :
The use of money allows people to trade more easily. When it is easier to trade, specialization increases. Increased specialization increases production and the standard of living.
Learning Objectives
- Master the theoretical concepts and practical considerations of money's functions in an economic context.