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Commodity money emerged to solve problems with bartering, where a coincidence of wants was required for direct exchange. Early commodity monies included grains, livestock, shells, and metals like copper, gold, and silver. These commodities served as a standardized store of value that could be exchanged indirectly for other goods. Over time, standardized coins made of precious metals became the dominant form of money, with some of the earliest coins produced around 700-500 BC in ancient China, India, and the Aegean region. The development of coinage allowed for easier determination of value through standardized weights and purity testing.
Commodity money emerged to solve problems with bartering, where a coincidence of wants was required for direct exchange. Early commodity monies included grains, livestock, shells, and metals…