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Answer the following questions in one line :
(1) Write the meaning of barter system.
(2) Write the definition of money given by Marshall
(3) Normally what is inflation?
(4) What is cost-push inflation?
Answer the following questions in brief :
(1) Discuss the function of money as a medium of
Answers
Answer:
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Explanation:
(1) Write the meaning of barter system.
ans. A barter system is an old method of exchange. Th issystem has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return. ... The value of bartering items can be negotiated with the other party.
(2) Write the definition of money given by Marshall
ans. In the words of Marshall, "man earns money to get material welfare." This is why economists since Marshall have described his definition as the welfare definition of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone.
(3) Normally what is inflation?
ans. Inflation is classified intothree types: Demand-Pullinflation, Cost-Pushinflation, and Built-Ininflation. Most commonly used inflation indexes are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI).
(4) What is cost-push inflation?
ans. Cost-push inflationoccurs when overall prices increase (inflation) due to increases in the cost of wages and raw materials. Cost-push inflation can occur when higher costs of production decrease the aggregate supply (the amount of total production) in the economy.
(5)Discuss the function of money as a medium of exchange.
ans. The primary function of money is to act as a medium of exchange between two parties involved in a transaction. It avoids the practical problems of wastage of time and resources involved in the barter system of exchange and it improves the efficiency of the transaction.
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