MONEY AND INFLATION — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsMONEY AND INFLATION3 Marks
Question
Explain how people started using mineral-stones and coins as standard measurement value and as medium of exchange?
✓
Answer
Use of mineral stones and coins:
Owing to the limitations of the animals as a standard value, people started using mineral-stones instead of animals.
When the era of imperialism began, people started using coins as a means of trade and exchange of goods and services in the kingdom. The only limitation was that they were used in limited societies and regions.
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