Explaining the value of our money. It compares and contrasts how we obtained our monetary system.
Date Submitted: 03/18/2004 01:45:40
Category: / Business & Economy / Economics
Length: 2 pages (598 words)
Category: / Business & Economy / Economics
Length: 2 pages (598 words)
Throughout history civilizations have exchanged goods and even developed currency. Whether coins or cloth these exchanges of goods all had value to the trading partner. In modern day civilizations we use paper currency and coins. To give these objects worth we must be able to back them with something that has value.
Money is a means of exchange. Money is not the exchange of one commodity for a different commodity, such as trading a bushel …
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…that country.Money is not bound to any paper or coins but is simply a medium of exchange that nations develop to make trading exceptionally easier for the people. Paper and coin currency is ideal because it is very light and versatile. This is why many countries such as the U.S. have adopted this type of currency. We put faith in these systems because we know the ease of having a universally accepted currency.
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