Question

How does money differ from barter?

(1 point)
Responses

Money is mostly important as a way to get goods and services.

Money is used to exchange goods and services.

Money has value only because people agree that it has value.

Money has been used for thousands of years.

Answer 1

Wrong

Answer 2

All of the statements are correct and differentiate money from barter.

1. Money is mostly important as a way to get goods and services: Money serves as a medium of exchange that allows individuals to obtain the goods and services they need or want.

2. Money is used to exchange goods and services: Unlike barter, where goods and services are directly traded for other goods and services, money acts as a universal medium of exchange that facilitates transactions by representing value.

3. Money has value only because people agree that it has value: Money does not have intrinsic value; its worth is based on the trust and agreement of individuals within a society. People recognize money as a means of payment and accept it in exchange for goods and services.

4. Money has been used for thousands of years: Barter was the primary method of trade before the invention of money. Money has been used for centuries to simplify and enhance economic transactions, making it more efficient and flexible compared to barter systems.

Answer 3

I apologize for any incorrect information. Could you please clarify which statement is incorrect or provide the correct information?