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The introduction of money in Nigeria significantly transformed the barter trade system by facilitating more efficient and scalable transactions. Money allows for easier pricing, storage of value, and a wider range of goods and services to be exchanged, overcoming the limitations of barter, such as the need for a double coincidence of wants. This transition has enhanced economic growth, encouraged specialization, and improved overall market efficiency in Nigeria. Additionally, it has enabled access to credit and investment opportunities, further driving economic development.
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The impact on small scale business in Nigeria economic?
The impact of small scale business in nigeria economic are much to the extend that a word can not describe it no matter how you want to classify it.The impact has created a lot of business to nigeria system, for instance, MTN Nigeria has contributed and invested much into the economy.
What economic mechanism does a barter system operate without?
money
Which economic mechanism does a barter system operate without?
money
What type of economic system does Niger have?
What is nigeria's economic system? What is nigeria's economic system?
Which statement about feudal economic system is true?
One thing that can be said about a feudal economic system is that it is more of a barter trade system.
The impact on small scale business in Nigeria economic?
The impact of small scale business in nigeria economic are much to the extend that a word can not describe it no matter how you want to classify it.The impact has created a lot of business to nigeria system, for instance, MTN Nigeria has contributed and invested much into the economy.
What is it when people traded goods?
A trade, an exchange, or barter. An economic system which operates without money is called a barter system.
What economic mechanism does a barter system operate without?
money
Which economic mechanism does a barter system operate without?
money
How economic world history?
economic world today is just like a barter system.
What type of economic system does Niger have?
What is nigeria's economic system? What is nigeria's economic system?
Which statement about feudal economic system is true?
One thing that can be said about a feudal economic system is that it is more of a barter trade system.
What economic system depends on trading items without cash or currency?
The barter system
What were some of the pros and cons of using wampum and barter in an economic system?
no
A barter is an economic system based on the?
exchange of goods for other goods.
How much does the iPhone 4S cost in Nigeria?
half a goat and one yam, they have a barter system because of hyperinflation
A barter economy is?
an economic system based on exchanging goods instead of money.
