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People knew and were confident that the items being exchanged would hold/keep their value as time went on. They did not use money because they were not sure that it would hold its value, and thats why the barter system was used by backcountry people.
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Why is barter important?
In barter economy, commodities were exchanged in the market. It was before the evolution of currency system that barter economy existed. Even today, in remote rural areas of India, the barter system still exists.
What are the Advantages of money economy over barter trade?
Money solved all of the problems that the barter system created. This included a lack of common measure of value of commodities in barter. It also many other advantages which included portability and durability.
What is the most basic economic system?
Barter, as goods and services are exchanged without the need to establish any intermediary value(s) (monetary). A days worth of my strong back is worth . . . how many of your chickens?
Why did the people of Ghana use the silent barter to trade?
The traders of Ghana did not speak the language of many of the new traders who crossed the Sahara. So, instead of speaking they do this procedure. It also kept the exact location of the gold mines secret from the salt traders. Pretty good system don't you think? lol
Why did money replace the barter system?
This is one of those cases where the definition of a particular word, in this case "barter", is crucial. If barter means the direct exchange of goods and services without a medium of exchange, the more common use, then by and large, the invention of money supplemented the barter system by providing a nonperishable medium of exchange. Money provided an effective way to avoid the problem of one party being unable to provide a good or service that the other party wanted. If barter simply refers to exchanging, while many people think the bartering system ended when money was invented, people can still barter and pay with money. Money gives a nonperishable item to be bartered with.
Why is barter important?
In barter economy, commodities were exchanged in the market. It was before the evolution of currency system that barter economy existed. Even today, in remote rural areas of India, the barter system still exists.
In Stephen King's Pet Sematary How many steps lead up to the Micmac burial ground?
what is barter system
Why are transactions easier with money than with bartering?
With money as medium of exchange is easier than barter system. There are many reasons like barter system does not give the true value of a product and sometimes one party needs the other product but the other party does not require the other product. It creates misunderstanding and also a problem that how to evaluate the true value of the commodity. And also, money can be broken down into smaller parts like we purchase candies for like cents or pennies etc. Moreover, how can we barter for big things like house. It would be almost impossible to barter for the house with pair of glasses or pair of shoes or for a mobile phone. Barter system does not give the original value of the product or a commodity.
What did early people use as money?
anything was used as money for trading asthe barter system
What are the Advantages of money economy over barter trade?
Money solved all of the problems that the barter system created. This included a lack of common measure of value of commodities in barter. It also many other advantages which included portability and durability.
What is the most basic economic system?
Barter, as goods and services are exchanged without the need to establish any intermediary value(s) (monetary). A days worth of my strong back is worth . . . how many of your chickens?
What was the main thing that kept many enslaved African's from giving up hope?
I dont know but i know why the colonists begin moving to the backcountry by the middle 1700s it's because the backcountry is the name that these colonists gave to the rugged land near the appalachian mountains.
Why did the Phoenicians build boats?
The Phoenicians were a maritime people so it was only natural that they take to the sea. Boats enabled them to carry their trade wares to many points accessible from the sea. And since most of their trades involved the barter system, they would have the same means of transporting the bartered goods back home.
Why did the people of Ghana use the silent barter to trade?
The traders of Ghana did not speak the language of many of the new traders who crossed the Sahara. So, instead of speaking they do this procedure. It also kept the exact location of the gold mines secret from the salt traders. Pretty good system don't you think? lol
What led to the formation of many new churches especially in the southern backcountry?
The Great Awakening
What led to the formation of many new churches in the southern backcountry?
madison kellar because she is going to be famous !!!
How did the American Indians use barter?
Its simple, one tribe or "Trade Groups" would go up to the settlers or the U.S. forts and simply trade. Both sides usually got what they wanted. But the White mans goods had diseases that the Lakota had never encountered. Because of this, many Lakota died.
