Question
Class 7Social ScienceFrom Barter to Money

What is the concept of barter and how does it relate to the evolution of money?

Verified Answer

Barter is the direct exchange of goods and services without using money. It involves trading one item for another based on mutual agreement of value. The limitations of barter, such as the need for a double coincidence of wants, led to the development of money as a more efficient medium of exchange, facilitating trade and commerce.