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History and Money - Research Paper Example

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More food production was, therefore, achieved by domestication of plants and animals, enough food enabled people to specialize in other economic activities like…
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History and Money
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Download file to see previous pages Therefore, business is defined as the exchange of goods with others goods or services. Business have been conducted from the time of the agrarian revolution up to date by diverse generations using different mediums like exchange of goods and other good which is commonly referred to as the batter trade. After the invention of writing and numerical recording, humans are now able to conduct business and record it effectively. After that business has advanced where in the modern world people can carry out business activities while miles away over modern methods of communication.
Money remains the most preferred and used medium of exchange in most business activities and transactions. This is mainly because money is easy to use and carry and also used as a measure of value. Money is categorised as one of the earliest and the most significant inventions of civilization; it is an important item of development of trade. Money has always been used as an important intermediary substance that enables the seller to have a wide selection of choice when and where he wishes to become a buyer. The earliest currency used in commercial transactions is recorded to have been used in Egypt and Mesopotamia the third millennium BC it manly consisted of gold bars. Latter they supplemented it by gold rings for smaller sums during the early civilization. The earliest ever known coins are believed to have come from the western world in a city named Ephesus in Ionia, which is located in present day western turkey about 650 BC. Croesus king of neighbouring Lydia was the first ruler to mint coins pure gold and pure silver. Paper currency made its first appearance in Europe in the 17th century where Sweden claims the priority. Today money is printed in a different currency where value is attached to each paper and also compared in diffract currency making it able for people to switch from one currency to the other owing to the value ...Download file to see next pagesRead More
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