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Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
A commodity form of money is when the value of the money is determined by the intrinsic worth of what makes it. For example, if the money is salt (as was used by the Roman empire) then the value of the money is the same as the value of the same weight of salt in another form. A token form of money is when a form of money (for example a coin) is created that has little or no intrinsic value, but has value because a company or person has agreed to exchange the token for a good or service of value. One example is bus tokens - small coins that can be presented on buses in exchange for transportation.
One example is money. When one charges any value more than the face value of a piece of currency, the revenue drops to zero, because the value of the money given up by the consumer is larger than the value obtained. This means that no one would by your product, thus bringing revenue to zero. --> money is the example for highly elastic demand, isn't it?
Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.Salt and gold were highly valued in the ancient world because salt was their only preservative for meats and gold was the basis for their money and elaborate decorations.
you can get salt diamonds money, coal, soil for mining
where was salt used as commodity money
Gold and salt are examples of commodity money in economics. Commodity money is backed by the intrinsic value of the goods or commodities themselves.
A commodity form of money is when the value of the money is determined by the intrinsic worth of what makes it. For example, if the money is salt (as was used by the Roman empire) then the value of the money is the same as the value of the same weight of salt in another form. A token form of money is when a form of money (for example a coin) is created that has little or no intrinsic value, but has value because a company or person has agreed to exchange the token for a good or service of value. One example is bus tokens - small coins that can be presented on buses in exchange for transportation.
It was hard to get.
salt
Salt
"salt of the earth" means a valuable person. You'd never know it from modern society, but salt used to be a very valuable commodity.
Salt
Gold and silver are more money than salt because gold and silver are considered precious metals. The United States economy is based on the price of gold, not on salt. Salt is a commodity, not a precious metal.
The answer is probably "spices." "Salt" is another possibility.
A representative particle is thought of as the smallest unit into which a substance may be divided without changing its composition. Some examples might be helpful. For a given chemical element, it's an atom. An atom of carbon is the smallest unit of carbon one can find.For covalently bonded compounds & diatomic molecules, the representative particle is a molecule. For example, an atom of hydrogen and an atom chlorine covalently bond to make a molecule of hydrochloric acid (HCl), and that's the smallest unit of this compound that there is. Because a molecule is a group of 2 or more atoms covalently bonded together, the smallest particles of ionic compounds are the respective ions. For example the smallest particle of the ionic compound sodium chloride (NaCl, or table salt) is a sodium ion (Na+) and a chlorine ion (Cl-).There is a "scaled up" application in physics and engineering, and it might apply to something like a grain of wheat being the representative particle of that grain crop. A kernel of corn might be the representative particle for that grain crop. A grain of salt might be the representative particle for granular salt as a market commodity. These are important because of considerations regarding density and "close packing" and "voids" in bulk quantities of each commodity. There are more examples of the application of the term if one looks.A given size granule of an aggregate might be the representative particle for analysis in something like moisture penetration in sand, small pebbles, or chunks of rock.On the other end of the scale, there are representative particles for certain applications in the physics lab where something like the characteristics of a particle beam may be under consideration. A certain particle of given mass and energy might be the representative particle for, say, the study of particle beam divergence.Most applications for the student will be in chemistry, and that's where the atom, molecule or, possibly, the ion, will be shown to be the representative particles of an element, a compound, or an electrolytic solution respectively.
They are the opposite of commodities. Salt is a commodity. It is sold only on price. If you buy a trainload of salt and put it in bags with "Morton Salt" written on them, it has become a branded good and you can sell it on the advantages of...well, whatever advantage Morton salt has over store-brand salt.