Question

Difference between modern and traditional forms of money

Answer 1

Modern forms of money are in the form of paper notes, coins, cheques, etc. Traditionally, barter system prevailed wherein, commodity were exchanged with other commoditys

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Answer 2

Money is legal tender meant for exchange of goods and services. It is recognized and accepted by all parties in an exchange transaction.

Traditional money included copper, gold and silver and in other cultures other items of value such as cowrie shells.

Money has evolved and now is in the form of coins, paper notes and bank deposits.