Money differs from barter in several ways:
1. Money is mostly important as a way to get goods and services, whereas barter involves the direct exchange of goods and services without the use of money.
2. Money is used as a universal medium of exchange, facilitating transactions between parties who may have different needs and preferences. On the other hand, barter requires a double coincidence of wants, meaning both parties must desire the goods or services each other has to offer.
3. Money has value only because people agree that it has value. It is a socially accepted medium of exchange, backed by the trust and confidence of the people using it. In contrast, barter relies on the inherent value of the goods or services being exchanged.
4. Money has been used as a form of exchange for thousands of years, while barter was the primary method of trade before the invention of money. The introduction of money has greatly increased the efficiency and convenience of trade.
How does money differ from barter?
(1 point)
Responses
Money is mostly important as a way to get goods and services.
Money is mostly important as a way to get goods and services.
Money is used to exchange goods and services.
Money is used to exchange goods and services.
Money has value only because people agree that it has value.
Money has value only because people agree that it has value.
Money has been used for thousands of years.
3 answers
pick one ofthe provided answer choices
Money is mostly important as a way to get goods and services.
3 answers