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Why money succeeded the trade by barter system.
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[QUOTE="CALVINDOL, post: 240801, member: 43757"] Majority of us here may have known or heard about the trade by barter system possibly in schools or might have read it in textbooks . By definition a trade by barter system is a kind of commercial activity system in which goods are being exchanged for goods , rather than money being exchanged for goods . That is to say if an individual has beans and is probably in need of rice he or she must look for someone who has rice and is also probably in need of beans . This system of business transaction is absolutely very hard and cumbersome because in most cases there is not always an individual readily available to exchange what he has for what you want . In the study of commerce this is known as the problem of double coincidence of wants . Another obstruction and hindrance of the trade by barter system is that it was totally unbearable for individuals to measure the value of the goods and services in which they exchange for another . That is to say , if an individual need phone and has kola nuts to exchange for it , there is every possibility that the value of phone is way more higher than that of kola nuts but because value cannot be measured at that time , transactions like this could still be carried out . As a result of these problems and hindrances , money was introduced into the system which make it easy for individual to measure values of their assets and properties and to know which one is of high value and which one is of low value . And also the existence of money actually make it very easier for individuals to accumulate wealth and riches . [/QUOTE]
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Why money succeeded the trade by barter system.
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