How have markets and the methods of exchange changed over time???
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Answered by
118
Heya!!
Before money was invented, people met in a market to barter or exchange goods and services. For example, ten pots could be exchanged for a bale of cotton. But the need was felt for a standard unit of exchange acceptable to all. So money was invented, which is an item that is universally acceptable as a medium of exchange and a means of payment. Similarly, a market used to be just a place of barter or exchange. Over time it has grown in size, number and complexity, consisting of a whole range of activities. These days there are different types of markets. They are weekly markets, neighborhood shops, and supermarkets and malls.
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Hope it helps!!
Before money was invented, people met in a market to barter or exchange goods and services. For example, ten pots could be exchanged for a bale of cotton. But the need was felt for a standard unit of exchange acceptable to all. So money was invented, which is an item that is universally acceptable as a medium of exchange and a means of payment. Similarly, a market used to be just a place of barter or exchange. Over time it has grown in size, number and complexity, consisting of a whole range of activities. These days there are different types of markets. They are weekly markets, neighborhood shops, and supermarkets and malls.
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Hope it helps!!
rishilaugh:
thanks
My pleasure sir :)
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3
Answer:
money is an item that is universally acceptable as a medium of exchange and means of payment . barter system is not useful because people can not adjust in that type of deal .
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