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Money is used for buying or selling goods, for measuring value and for storing wealth.
1_______. However, this has not always been true. 2_______. Barter was a system of direct exchange of goods. Somebody could exchange a sheep, for example, for anything in the market place that they considered to be equal value. Barter however was a very unsatisfactory system because people’s precise needs seldom coincided. 3_______. Cattle, grain, teeth, shells, features, skulls, salt, elephant tusks and tobacco have all been used. 4_______.
Almost every society now has a money economy based on coins and paper notes of one kind or another
In primitive societies a system of barter was used
People needed a more practical system of exchange, and various money systems developed based on goods, which the members of a society recognized as having a value
Precious metals gradually took over because, when made into coins, they were portable, durable, recognizable, and divisible into larger and smaller units of value