MONEY
CONTENT
- The Meaning of Money
- Evolution of Money
- Functions of Money
- Qualities/Characteristics of Money
- Forms/Types of Money
The Meaning of Money
Money is anything that is universally accepted as a medium of exchange and for settlement of debt. It can also be defined as anything that is generally acceptable as a means of payment. Money includes cash, bank notes, bank drafts, postal orders etc.
Evolution of Money
Before the advent of money, exchange took place by means of barter. This means that goods were exchanged for goods. The ancient people practiced subsistence farming that is they were able to provide for what they need. However, when the need comes for them to get what they do not have, they had to look for someone who want what they have and at the same time would give them what they want. This system of exchange was problematic and so effort was made to resolve the problem.
The solution came when items like cowries, cattle, shells, tobacco, salt and beads were used as medium of exchange.
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Halima Ahmadu
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