All about your Money Honey… Part 1
Before understanding money, its characteristics & functions, it is better to understand barter system. So first let’s begin with what does Barter System mean and its demerits over Money.
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| Old Age Barter System |
The Barter System was a practice by which people exchanged goods for other goods. It is the oldest method of trading traces back to 6000BC. It was introduced first by the tribes of Mesopotamia. It leverages the unused inventory, reduced cash outlay & turns resources into purchasing capacities at the hour of need. This was possible only in a simple economy but
