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Currency was needed to facilitate trade by providing a common medium of exchange that simplifies transactions and eliminates the inefficiencies of barter. It serves as a unit of account, allowing people to measure the value of goods and services consistently, and as a store of value, enabling savings and future purchases. Additionally, the use of currency supports economic growth by promoting specialization and increasing market efficiency.
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Why are exchange rates needed?
They are needed because every single countries have a different currency of their money which will be needed by international markets for their goods when they're selling it to another country and it also needed for tourism currency change
What is anarctica currency?
No one lives in Anarctica except for scientists, so a currency isn't needed.
How do you calculate the exchange rate between two countries?
To calculate the exchange rate between two countries, you can use the formula: Exchange Rate Price of one currency / Price of another currency. This means you divide the value of one currency by the value of another currency to determine how much of one currency is needed to buy one unit of the other currency. Exchange rates are constantly changing due to various factors such as supply and demand, economic conditions, and geopolitical events.
Explain the difference between indirect and direct exchange rates?
The difference between indirect and direct exchange rates is that an indirect exchange rate is the number of foreign currency units that may be obtained for one local currency unit and a direct exchange rate is the number of local currency units needed to acquire one foreign currency unit. The direct exchange rate has the local currency units in the numerator (the U.S. dollar for the direct exchange rate for the U.S. dollar).
What does the EUR/USD currency pair represent in the foreign exchange market?
The EUR/USD currency pair represents the exchange rate between the Euro (EUR) and the US Dollar (USD) in the foreign exchange market. It shows how many US Dollars are needed to buy one Euro.
Why are exchange rates needed?
They are needed because every single countries have a different currency of their money which will be needed by international markets for their goods when they're selling it to another country and it also needed for tourism currency change
What is cash and currency not needed?
Excess Reserves
What is anarctica currency?
No one lives in Anarctica except for scientists, so a currency isn't needed.
What did the Inca use as currency?
They didnt have a currency.They bartered for what they needed.
What is the least number of notes needed to make 25?
It depends which currency you are using.
What is the role of ATP in cellular work?
They are the currency of energy.They provide energy when needed.
Why were banks created in medieval England?
Merchants needed a place to exchange currency from other countries.
How to calculate the exchange rate between two currencies?
To calculate the exchange rate between two currencies, you can use the formula: Exchange Rate Value of One Currency / Value of Another Currency. This will give you the amount of one currency needed to buy one unit of the other currency.
Why are banks needed?
Banks are needed to keep our money safe. And to store currency. it is not convenient for people to store large sums of money in cash at one location
Inflation caused this currency's exchange rate to rise from 81 to the US dollar in 1921 to 1 million to the dollar by July 1923 You needed a wheelbarrow to buy bread What is the currency?
German mark
What is ATP and why is it considered the energy currency needed for cellular activities?
ATP, or adenosine triphosphate, is a molecule that stores and transfers energy within cells. It is considered the energy currency of cells because it provides the energy needed for various cellular activities, such as muscle contraction, protein synthesis, and active transport.
How much is 12 pounds in english currency?
Which pounds and which English currency are you talking about. British Pounds is the currency in England (so English currency). So 12 pounds is 12 pounds. If you mean any other currency of an English speaking nation such as Canada, the actual exchange rate is needed. 12 GBP (Pounds) would be 18.79 CAD (Canadian Dollars) or in US Dollars $18.78
