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As a medium of exchange, money permits the separation of exchange into the two distinct acts of buying and selling, without requiring the seller to purchase goods from the person who buys his products, or vice versa. Hence producers who know they will be paid in money, can concentrate on finding the most suitable outlet for their goods, while buyers who will pay in money, can concentrate on finding the cheapest market for the things they wish to purchase. specialization, which is vital to an advanced economy, is encouraged, because people whose output is not a complete product but only a part of one in which many others are involved can be paid an amount equivalent to their share of the product.
Another advantage of money is that it is a measure of value -- that is, it serves as a unit in terms of which the relative values of different products can be expressed. In a barter economy it would be necessary to determine how many plates were worth one hun
A. value is decided by weight
B. value is decided by number
C. money is used and goods are not exchanged
D. goods are exchanged an, d money is not used
To day anyone will accept money in exchange for goods and services. People use money to buy food, furniture, books, bicycles and hundreds of others they need or want. When they work, they usually get paid in money.
Most of the money to day is made of metal or paper. But people used to use all kinds of things as money. One of the first kinds of money was shells.
Shells were not the only things used as money in many places, in China, cloth and knives were used. In the Philippine Islands, rice was used as money. In parts of Africa, Cattle were one of the earliest kinds of money. Other animals were used as money, to o.
The first metal coins were made in China. They were around and had a square hole in the center. People strung them together and carried them from place to place.
Different countries have used different metals and designs for their money. The first coins in England were made of tin. Sweden and Russia used copper to make their mone
A. To sell a bicycle for $ 20.
B. To get some money for old books at a garage sale.
C. To buy things you need or want.
D. To get paid for your work.
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