Forms of currency have undergoes several changes since early times ? Explain.
Answers
Answer:
Forms of currency have undergone several changes since early times: The earliest system of exchange was the Barter System where goods and services were exchanged and no money was involved. However in this form of system one should have what the other needs and of similar value.
Answer:
es it is true forms of currency has undergone many changes. earlier they were of the form of precious metals such as gold ,silver copper etc. then it also appeared in the form of livestock, grains etc. (feature of barter system)
Explanation:
Forms of currency have undergone several changes since early times:
• The earliest system of exchange was the Barter System where goods and services were exchanged and no money was involved. However in this form of system one should have what the other needs and of similar value.
• With development in trade, money came up as an exchange medium.
• The earliest forms of currencies was made of metals such as Gold, Silver, Copper and Bronze.
• With further development, paper money came into use.
• Today Fiduciary money, where one is allowed to pay in alternate forms such as cheques has also come into being.
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