Question

MONEY IS USED FOR BUYING OR SELLING GOODS, FOR MEASURING VALUE AND FOR STORING WEALTH.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. 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. 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. Cattle, grain, teeth, shells, features, skulls, salt, elephant tusks and tobacco have all been used. Precious metals gradually took over because, when made into coins, they were portable, durable, recognizable, and divisible into larger and smaller units of value. A coin is a piece of metal, usually disc-shaped, which bears lettering, designs or numbers showing its value. Until the 18th and 19th centuries coins were given monetary worth based on the exact amount of metal contained in them, but most modern coins are based on face value, the value the governments choose to give them, irrespective of the actual metal content. Coins have been made of gold, silver, copper, aluminum, nickel, lead, zinc, plastic and in China even from pressed tealeaves. Most governments now issue paper money in the form of notes, which are “promises to pay". Paper money is obviously easier to handle and much more convenient in the modern world. Checks, bankers, cards and credit cards are being used increasingly and it is possibly to imagine a world where “money” in the form of coins and paper currently will no longer be used. Помогите пожалуйста по этому тексту нужно ответить на вопросы What is money used for? What is money economy based on? What system instead of money was used in primitive societies Why was barter a very unsatisfactory system of echange In what form do most governments issue paper money now What kinds of money are being used increasingly

Answer 1

1. money is used for buying or selling goods, for measuring value and for storing wealth
2money economy is based on coins and paper notes of one kind or another
3in primitive societies a system of barter was used
4barter was a very unsatisfactory system of exchange because people's precies needs seldom coincided
5most governments now issue paper money in the form of notes which are promises to pay
6checks,bankers, cards and credit cards are being used increasingly

Answer 2

The text provides information to answer your questions:

1. What is money used for? Money is used for three main purposes:

   • Buying or selling goods
   • Measuring value
   • Storing wealth

2. What is money economy based on? A money economy is based on coins and paper notes that serve as a medium of exchange, unit of account, and store of value within a society. In modern economies, money is typically in the form of currency and bank deposits.

3. What system instead of money was used in primitive societies? In primitive societies, a system of barter was used. Barter was a system of direct exchange of goods, where individuals exchanged goods or services for other goods or services. However, barter was considered unsatisfactory because it was challenging to find precise matches of needs between individuals.

4. Why was barter a very unsatisfactory system of exchange? Barter was unsatisfactory because it relied on a double coincidence of wants, meaning both parties had to want what the other had to offer. This often led to inefficiencies and difficulties in finding suitable trading partners, making transactions cumbersome and inefficient.

5. In what form do most governments issue paper money now? Most governments now issue paper money in the form of banknotes. These banknotes are essentially "promises to pay" and represent a specific value that is recognized and accepted within the economy. They are typically made of paper or polymer materials.

6. What kinds of money are being used increasingly? In addition to traditional physical currency (coins and paper money), various forms of digital and electronic money are being used increasingly. These include:

   • Checks: Written orders to pay a specific amount of money to a person or entity.
   • Bankers' drafts: A form of payment that is guaranteed by the bank.
   • Debit and credit cards: Plastic cards used for electronic transactions.
   • Digital wallets: Mobile apps and platforms that store digital representations of money for online and offline transactions.
   • Cryptocurrencies: Digital or virtual currencies, like Bitcoin, that use cryptography for security and operate on decentralized networks.