NAME:
M.BILAL KHAN
CLASS:
BS CHEM SEM 2
ROLL No:
22031507-030 (8130)
SUBJECT:
IT -102
TEACHER:
MISS MUBASHARAH
COLLEGE
GOVERNMENT GORDON GRADUATE COLLEGE
RAWALPINDI
, Origin and Evolution of Money
Barter
Money, as we know it today, is the result of a long process. At the beginning,
there was no money. People engaged in barter, the exchange of merchandise for
merchandise, without value equivalence.
Then, a person catching more fish than the necessary for himself and his group,
exchanged his excess fish for the surplus of another person who, for instance,
had planted and harvested more corn that what he would need. This elementary
form of trade prevailed at the beginning of civilization, and may be found today
among people of primitive economies, in regions where difficult access makes
money scarce and, even in special situations, where people barter items without
regard for their equivalence in value. This is the case, for instance, of a child who
exchanges with his friend an expensive toy for another of lesser value, which it
treasures. Goods used in barter are generally in their natural state, in line with
the environment conditions and activities developed by the group corresponding
to elementary needs of the group's members. This exchange,however, is free
from difficulties, since there is not a
common measure of value among the items bartered.
Commodity Money
Some commodities, for their utility, came to be more sought than others are.
Accepted by all, they assumed the role of currency, circulating as an element of
exchange for other products and used to assess their value. This was the
commodity money.Cattle, mainly bovine, was once the mostly used, and had the
advantages of moving for itself, reproducing and rendering service although there
was the risk of disease and death.
Salt
Salt was another commodity money, difficult to obtain, mainly in the interior part
M.BILAL KHAN
CLASS:
BS CHEM SEM 2
ROLL No:
22031507-030 (8130)
SUBJECT:
IT -102
TEACHER:
MISS MUBASHARAH
COLLEGE
GOVERNMENT GORDON GRADUATE COLLEGE
RAWALPINDI
, Origin and Evolution of Money
Barter
Money, as we know it today, is the result of a long process. At the beginning,
there was no money. People engaged in barter, the exchange of merchandise for
merchandise, without value equivalence.
Then, a person catching more fish than the necessary for himself and his group,
exchanged his excess fish for the surplus of another person who, for instance,
had planted and harvested more corn that what he would need. This elementary
form of trade prevailed at the beginning of civilization, and may be found today
among people of primitive economies, in regions where difficult access makes
money scarce and, even in special situations, where people barter items without
regard for their equivalence in value. This is the case, for instance, of a child who
exchanges with his friend an expensive toy for another of lesser value, which it
treasures. Goods used in barter are generally in their natural state, in line with
the environment conditions and activities developed by the group corresponding
to elementary needs of the group's members. This exchange,however, is free
from difficulties, since there is not a
common measure of value among the items bartered.
Commodity Money
Some commodities, for their utility, came to be more sought than others are.
Accepted by all, they assumed the role of currency, circulating as an element of
exchange for other products and used to assess their value. This was the
commodity money.Cattle, mainly bovine, was once the mostly used, and had the
advantages of moving for itself, reproducing and rendering service although there
was the risk of disease and death.
Salt
Salt was another commodity money, difficult to obtain, mainly in the interior part
