Q. 3 (a)
Barter System is an ancient exchange method used before the invention of money. In this method instead of money, products and services had been exchanged for products and services. Following are the major problems of barter system.
(b)
Money is a verifiable product which is used for payment in case of debts, products and services, taxes etc. Following are the functions of money.
1. Medium of Exchange :
An exchange made without money exchange is considered to be barter. Money serves as a medium of payment worth its value in exchange of all products. Also money prevents the issue of double chance of needs among parties. As money can act as a medium for payment in all transactions all over the world.
2. Unit of account :
Money serve as a unit of account as it bring general calculation of the exchanged product value.
3. Store of value :
Money can be hold by anyone for lifelong as money keeps its value in its entire lifetime. But money value will gets reduced by inflation. So it is better to keep money in the form of assets such as Land, Art works etc whose value will only increase as years passes. But on the other hand money serves as the most liquid form of value than any other assets.
(c)
Cryptocurrency is a form of digital currency where techniques of encryption are utilized in order to control currency units and check fund transfer which works without a central bank. This currency is used for protecting financial transactions, regulating additional units creation as well as assess the asset transfer.
Advantages :-
Disadvantages :-
3. (a) Explain the major problem of the barter system. (1 Mark) (b) Explain the three...
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