Trade is one of the oldest economic activities that man has been doing. By definition, it is basically the exchange of goods or services for other goods or services or a consideration. In the past, people traded goods for goods or services. There were no definite mediums of exchange for them to use for their transaction so they resorted to the basic of barter trade. The qualities of world trade center prints are very many and each as vital as the other.
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 problem of double incidence also worsened the situation for them. Finding two people with each one possessing exactly the item that the other needs was very hard. Many people had to settle for any commodity since they could not secure that which they wanted. Later in time this system was discarded and money was introduced. This proved a more effective way of transacting business.
The requirement of double incidence in order to conduct business punched in the final nail to the collapse of the system. With time this practice was deemed impractical and something new had to be formulated and money was that thing. Money is anything that can uniformly be used as a medium of exchange in a particular nation. It came as either notes or coins. These notes and coins were made to be identical in nature.
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.
As earlier mentioned, this practice cannot be a simple one. So much preparation must be done. The first and most crucial task is in choosing a suitable place for the practice. This place should be at least centrally located, it should be easy to access by all the stakeholders of the event. An attempt should be made to cater for all nations adequately.
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 problem of double incidence also worsened the situation for them. Finding two people with each one possessing exactly the item that the other needs was very hard. Many people had to settle for any commodity since they could not secure that which they wanted. Later in time this system was discarded and money was introduced. This proved a more effective way of transacting business.
The requirement of double incidence in order to conduct business punched in the final nail to the collapse of the system. With time this practice was deemed impractical and something new had to be formulated and money was that thing. Money is anything that can uniformly be used as a medium of exchange in a particular nation. It came as either notes or coins. These notes and coins were made to be identical in nature.
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.
As earlier mentioned, this practice cannot be a simple one. So much preparation must be done. The first and most crucial task is in choosing a suitable place for the practice. This place should be at least centrally located, it should be easy to access by all the stakeholders of the event. An attempt should be made to cater for all nations adequately.
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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