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Money: Money can be anything which is generally accepted as a mode of payment
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-e
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>>THE BARTER SYSTEM HAD SEVERAL LIMITATIONS:
1
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-e
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2
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-e
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3
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As a matter of fact, several items were use as money
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g: Shark's teeth, salt,
precious stones
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PERISHABILITY OF GOODS
* Some goods cannot be stored
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The main function can be listed below:
S-Store of value
U-Unit of Account
M-Medium of exchange
S-Standard for deferred payment
STORE OF VALUE:
-Money links the past, the present and the future
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-Money is better since it solve the problem of PERISHABILITY under the Barter System
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Money helps to place a monetary value on goods & services
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This function solves the problems of exchange under the Barter since it easily allows knowing the
worth of the goods
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It facilitates trade
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STANDARD FR DEFERRED PAYMENT:
-Money allows people to borrow and lend
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Sulayman