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Is it possible for an economy to exist without financial systems?
Wiki User
∙ 14y ago
Yes, but it would have to be highly localized and based on barter.
As soon as you introduce a common means of exchange - like money - you need systems to manage it. That complexity has a great many benefits, such as the wider availability of a greater variety of goods and the ability to travel widely and still secure services and acquire goods, both of which are very challenging under a barter economy.
The alternative, espoused by some, is a Common Good economy. This unrealistic economy is based on the supposed human drive to work and contribute to society and in return you have free access to any goods and services you want or need. It presumes that all functions in the economy would still get performed by willing volunteers and that consumption would never out pace supply. Attempts at this system have been communist, socialist, or marxist economies, and have not been shown to function well.
Wiki User
∙ 14y ago
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Which statement is most accurate about the economy of the US during the 1970s and early 1980s?
Question is incomplete. No answer possible without more details.
Can a country achieve economic growth without development?
They are proportional to each other. When there is economic growth there will be development also.
What are the reason of economic crisis the main reason of world economy crisis was the sub prime loan given by the American bank without well evaluate the financial condition of the people?
Did you just answer your own question?
Role of finance in an economy?
The role of money in an economy is very critical as money serves as the backbone of the economy. The economy is actually measured using the monetary value of a nation's currency and money is the main medium of exchange in all type of trade.
What is the concept of economy?
The concept of Economy is supply equals demand. Without demand there would be no supply which helps make up the economy.
Would northern Ireland function without Britain's help?
Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.Britain provides major financial support to Northern Ireland and access to other supports and systems, and so it would find it difficult for it to function without them.
Can you live without any of your systems?
No. I don't think it's possible.
Is it possible to prepare financial statements without the help of trial balance under accounting for incomplete records?
no
Can a person under 18 get a car loan without a co-signer?
No, it is not possible for an underaged person to enter into a financial contract with or without a cosigner.
Which statement is most accurate about the economy of the US during the 1970s and early 1980s?
Question is incomplete. No answer possible without more details.
Could great depression return to the US due the recent economy downturn?
Sure. Without proper oversight of banks and other financial institutions it can always happen.
What is the need of a bank?
Banks are the financial intermediaries of the economy. Without them there will be no financial prosperity. Banks accept deposits from people who have surplus and lend out loans to people who need the money. They offer other services like bank accounts, credit cards etc.
Why are banks necessary?
Banks are the financial intermediaries of the economy. Without them there will be no financial prosperity. Banks accept deposits from people who have surplus and lend out loans to people who need the money. They offer other services like bank accounts, credit cards etc.
Get a bad credit personal loan without a bank account?
It's possible to get a loan like this, but it's not usually the best financial decision.
What are financial markets What function do they perform and How would an economy be worse off without them?
In simple terms without getting stuck in exceptions to rules and definitions, Financial markets are places where debt and equity (money is the good that is traded, a bit like a supermarket where food is sold but replace the food with shares in a company i.e equity and future income from loans i.e. debt) are sold, they perform the function of matching those looking for investment, with people looking to invest. and they promote economic efficiency as they save time and money for investors and people looking for investments as they "meet" at these markets
What was the function of the bank?
The main function of a bank is to play the role of a financial intermediary in the economy. They help keep the cash flow going in the economy by collecting deposits from people with surplus and granting loans with people who need funds. Without banks, the economy may come to a standstill within just a few days.
