why is money important? what is barter system? why it is not prevail in today's time?
Answers
Answer:
money is important as it helps in good administration
barter system was the safe system that was used in the early age when people gave something to anyone and in return he get anything from him example a fisherman gave a farmer some fishes and in return he gave him paddy
it is not used in this time as India is a diverse country which does not think that anything is different from anybody
Answer:
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Explanation:
Money helps us get some of life's intangibles — freedom or independence, the opportunity to make the most of our skills and talents, the ability to choose our own course in life, financial security. With money, much good can be done and much unnecessary suffering avoided or eliminated.A barter system is an old method of exchange. Th is system has been used for centuries and long before money was invented. People exchanged services and goods for other services and goods in return. Today, bartering has made a comeback using techniques that are more sophisticated to aid in trading; for instance, the Internet. In ancient times, this system involved people in the same area, however today bartering is global. The value of bartering items can be negotiated with the other party. Bartering doesn't involve money which is one of the advantages. You can buy items by exchanging an item you have but no longer want or need. Generally, trading in this manner is done through Online auctions and swap markets.Barter requires you to have the goods on hand that the person you need to buy from has. The more different kinds of goods there are, the more you need a 'universal good' like money to measure all values in. ... Barter wouldn't work, because money is able to get you anything, goods and services.
It was never the only method of exchange of goods and services, mostly because it wasn't able to sustain itself. Barter would always be used to compliment another economic system. At first, people used to barter livestock. ... The invention of money didn't end the barter system, it just made it more streamlined.Thus, lack of a standard unit of account with which to measure values of different goods and services made exchange or trade difficult. 3. Impossibility of Subdivision of Goods: Another problem faced under the barter system for exchange of goods was impossibility of subdivision of goods without loss of their value.Money has not completely replaced the barter system. ... Money, being the most basic form of credit , allows people to accept payment now in the belief that they will be able to use that money to purchase something that they want later. Without money, trying to clear trades in a modern economy would be impossible.
Barter system does not prevail in today's time because