how have Markets and the methods of exchange changed over time
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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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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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