1) How does money differ from barter?
A: Money is mostly important as a way to get goods and services
B: Money is used to exchange goods and services
C: Money has value only because people agree that it does ****
D: Money has been used for thousands of years.
1.A
2.C
3.A
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The correct answer is B: Money is used to exchange goods and services.
To understand how money differs from barter, we need to understand what each of these terms means.
Barter is a system of exchange where goods and services are directly exchanged for other goods and services without using a medium of exchange like money. For example, if you have a bicycle and you want a pair of shoes, you would find someone who has shoes and is willing to trade them for your bicycle. This type of exchange relies on finding someone who wants what you have and has what you want, which can be inefficient and time-consuming.
On the other hand, money is a widely accepted medium of exchange that facilitates transactions by serving as a common measure of value. Money is a more efficient and convenient way to exchange goods and services compared to bartering. With money, you can sell your bicycle to anyone who wants it and then use that money to buy the shoes you want from a different person or store. Money acts as a medium of exchange, unit of account, and a store of value.
Option A is incorrect because money is not only important as a way to get goods and services; it is the medium through which goods and services are exchanged. Option C is incorrect because the value of money is not solely based on an agreement between people but is also determined by factors such as supply and demand, economic stability, and government regulations. Option D is incorrect because while money has been used for thousands of years, it does not address the specific difference between money and barter.
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C
B
D
A
B
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