God created every human uniquely different from the others. This is so in terms of appearance, size, talents and capabilities too. This means that every single person can at least do one thing best and no one person can do everything best. This brings in the principle of specialization where everyone is most productive when doing that which they are best at. Trade is what bridges the gap in this. People get to exchange commodities, services or even skills accordingly. The traits of world trade center prints are paramount.
This barter system of exchange was quite simple and did not need for much mathematics or financial sophistication for one to take part. It however, had numerous follies while in use. One of them for instance was the utter lack of an element of measure. People were never sure how much of each commodity they should exchange for the other.
Barter trade lacked a unified system of measuring the worth of a commodity and people had to only arrive at it through guessing and haggling. This was not good business since only the good negotiators really benefited. These out-spoke anyone that challenged their predictions and forced them to submit eventually.
The mode of exchange also made proportioning of the commodities very hard. There was no unit of division whatsoever. One had to either exchange in the entire merchandise or not attempt at all. There was no way of dividing it into smaller units that could be exchanged easier. For example one who wanted meat for supper would have to make exchange for an entire cow or goat in order to get their meat.
Money had several advantages over barter trade. The denominations of money were easily divisible as all values were adequately catered for. The uniformity in the notes and coins also eliminated theft and imitations. It was highly durable in nature hence lasted a while in circulation. This made exchange of goods very easy and lucrative as well. Money was very easy to save for future use as compared to commodities.
This hustle eventually led to the creation of an item known as money. Money is a term used to describe any commodity or item that people decide o use as a medium of exchange. Money was made in either note or coin form. The coins were made from copper which is an expensive metal that cannot be found readily. This makes forgery very hard.
The note held more value as compared to the coins and they were designed for the more costly commodities. The coins on the other hand had smaller values in nature o be used for the minor transactions and issuing of change after a business transaction. This worked so well that international exchange had to be undertaken. It is also commonly known as world trade.
Also since so many nations will be presented at this esteemed event, some sort of unity should b provided. This is especially in terms of the currency to be used at the practice. Therefore currency exchange facilities must be put in place to help out with this part.
This barter system of exchange was quite simple and did not need for much mathematics or financial sophistication for one to take part. It however, had numerous follies while in use. One of them for instance was the utter lack of an element of measure. People were never sure how much of each commodity they should exchange for the other.
Barter trade lacked a unified system of measuring the worth of a commodity and people had to only arrive at it through guessing and haggling. This was not good business since only the good negotiators really benefited. These out-spoke anyone that challenged their predictions and forced them to submit eventually.
The mode of exchange also made proportioning of the commodities very hard. There was no unit of division whatsoever. One had to either exchange in the entire merchandise or not attempt at all. There was no way of dividing it into smaller units that could be exchanged easier. For example one who wanted meat for supper would have to make exchange for an entire cow or goat in order to get their meat.
Money had several advantages over barter trade. The denominations of money were easily divisible as all values were adequately catered for. The uniformity in the notes and coins also eliminated theft and imitations. It was highly durable in nature hence lasted a while in circulation. This made exchange of goods very easy and lucrative as well. Money was very easy to save for future use as compared to commodities.
This hustle eventually led to the creation of an item known as money. Money is a term used to describe any commodity or item that people decide o use as a medium of exchange. Money was made in either note or coin form. The coins were made from copper which is an expensive metal that cannot be found readily. This makes forgery very hard.
The note held more value as compared to the coins and they were designed for the more costly commodities. The coins on the other hand had smaller values in nature o be used for the minor transactions and issuing of change after a business transaction. This worked so well that international exchange had to be undertaken. It is also commonly known as world trade.
Also since so many nations will be presented at this esteemed event, some sort of unity should b provided. This is especially in terms of the currency to be used at the practice. Therefore currency exchange facilities must be put in place to help out with this part.
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