Barter system
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The document discusses some key difficulties with the barter system, including the lack of coincidence of wants between buyers and sellers, the inability to store perishable goods for long periods, and the impossibility of dividing commodities into small units or making deferred payments. To address these problems, money was invented as a standard medium of exchange in the economy.
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BARTER SYSTEM
The document discusses the barter system and its inconveniences. It defines the barter system as a direct exchange of goods or services without the use of money. It then lists and provides examples of 9 inconveniences of the barter system: 1) lack of coincidence of wants where the goods being traded are not always wanted by both parties, 2) lack of a common measure of value to assess the worth of goods, 3) inability to subdivide goods when trading items of unequal value, 4) lack of a store of value since goods spoil or lose value over time, 5) difficulty with future payments or credit since goods exchanged may no longer have value later, 6) challenges transferring wealth between locations, 7)
Barter system
Barter is the oldest system of trading where goods and services are exchanged directly without money. Under a barter system, there must be a "double coincidence of wants" where both traders have something the other wants in order to complete a trade. Other problems with barter include a lack of a common store of value as some goods are perishable, a lack of divisibility as commodities cannot always be divided into small units, and a lack of a common measure of value to assess the worth of different commodities. The difficulties of barter led to the invention of money as a common medium of exchange.
The barter system
The document discusses the barter system, one of the earliest forms of exchange where goods and services were directly traded for other goods and services. The barter system dates back to around 6000 BC and originated out of necessity for early civilizations. As wants and desires became more complex, specialization of labor developed and bartering allowed for the exchange of surpluses. Though simple and flexible, bartering also had disadvantages like the lack of a common measure of value and difficulty storing value. The document then briefly introduces the concept of credit cards which originated in the 1920s as a system to overcome some limitations of bartering.
THEORY OF DEMAND
1) The document discusses the economic theory of demand, including what determines demand, the relationship between price and quantity demanded, and the factors that influence demand.
2) Key factors that determine demand include price, income, tastes and preferences, and prices of related goods. The quantity demanded at each price level is shown in a demand schedule and as a downward sloping demand curve.
3) According to the law of demand, quantity demanded increases when price decreases and decreases when price increases, assuming all other factors remain constant. Demand can shift due to changes in these other factors.
Forms of markets
Describes about the different types of markets such as monopoly, oligopoly, perfect and imperfect market.
Consumer equilibrium and demand
This document discusses concepts related to consumer equilibrium and demand. It defines key terms like utility, marginal utility, total utility, and how they are related. The law of diminishing marginal utility and how it impacts demand is explained. Two approaches to modeling consumer equilibrium are presented: the utility approach and indifference curve approach. Consumer equilibrium conditions and assumptions are outlined for both single and multiple goods. Factors that determine demand, the law of demand, and exceptions are also summarized. Elasticity of demand and its measurement are briefly introduced.
Money
This document defines money and discusses its key functions. It notes that money acts as a medium of exchange, unit of account, standard of deferred payment, store of value, and means of transferring value. The document outlines different forms of money including cash money created by central banks and credit money created by commercial banks through loans. It also discusses quantity theories of money, how money supply is measured, and references for further reading on macroeconomic topics related to money.
Evolution of Money
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
Recommended
BARTER SYSTEM
The document discusses the barter system and its inconveniences. It defines the barter system as a direct exchange of goods or services without the use of money. It then lists and provides examples of 9 inconveniences of the barter system: 1) lack of coincidence of wants where the goods being traded are not always wanted by both parties, 2) lack of a common measure of value to assess the worth of goods, 3) inability to subdivide goods when trading items of unequal value, 4) lack of a store of value since goods spoil or lose value over time, 5) difficulty with future payments or credit since goods exchanged may no longer have value later, 6) challenges transferring wealth between locations, 7)
Barter system
Barter is the oldest system of trading where goods and services are exchanged directly without money. Under a barter system, there must be a "double coincidence of wants" where both traders have something the other wants in order to complete a trade. Other problems with barter include a lack of a common store of value as some goods are perishable, a lack of divisibility as commodities cannot always be divided into small units, and a lack of a common measure of value to assess the worth of different commodities. The difficulties of barter led to the invention of money as a common medium of exchange.
The barter system
The document discusses the barter system, one of the earliest forms of exchange where goods and services were directly traded for other goods and services. The barter system dates back to around 6000 BC and originated out of necessity for early civilizations. As wants and desires became more complex, specialization of labor developed and bartering allowed for the exchange of surpluses. Though simple and flexible, bartering also had disadvantages like the lack of a common measure of value and difficulty storing value. The document then briefly introduces the concept of credit cards which originated in the 1920s as a system to overcome some limitations of bartering.
THEORY OF DEMAND
1) The document discusses the economic theory of demand, including what determines demand, the relationship between price and quantity demanded, and the factors that influence demand.
2) Key factors that determine demand include price, income, tastes and preferences, and prices of related goods. The quantity demanded at each price level is shown in a demand schedule and as a downward sloping demand curve.
3) According to the law of demand, quantity demanded increases when price decreases and decreases when price increases, assuming all other factors remain constant. Demand can shift due to changes in these other factors.
Forms of markets
Describes about the different types of markets such as monopoly, oligopoly, perfect and imperfect market.
Consumer equilibrium and demand
This document discusses concepts related to consumer equilibrium and demand. It defines key terms like utility, marginal utility, total utility, and how they are related. The law of diminishing marginal utility and how it impacts demand is explained. Two approaches to modeling consumer equilibrium are presented: the utility approach and indifference curve approach. Consumer equilibrium conditions and assumptions are outlined for both single and multiple goods. Factors that determine demand, the law of demand, and exceptions are also summarized. Elasticity of demand and its measurement are briefly introduced.
Money
This document defines money and discusses its key functions. It notes that money acts as a medium of exchange, unit of account, standard of deferred payment, store of value, and means of transferring value. The document outlines different forms of money including cash money created by central banks and credit money created by commercial banks through loans. It also discusses quantity theories of money, how money supply is measured, and references for further reading on macroeconomic topics related to money.
Evolution of Money
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
Money supply
This document defines and explains the key components of money supply and how it is measured. It discusses four main measures of money supply: M0, M1, M2, and M3. M1 includes currency in circulation and demand deposits. M2 adds savings deposits and time deposits. M3 includes longer-term time deposits. Each measure expands the definition in terms of liquidity and availability for use in transactions. The document also explains the components that make up each measure, such as currency, demand deposits, savings deposits, and time deposits.
Money and banking
This document defines money and discusses its functions and evolution. It notes that money acts as a medium of exchange, store of value, and unit of account. Originally barter and commodities were used, but money developed to solve difficulties with barter. Coins and paper money later replaced commodities as money. Modern money includes coins, paper notes, and checkable deposits. Central banks control money supply and commercial banks create credit and accept deposits.
Types of demand
There are 14 types of demand described in the document. They include demand for consumer goods, producers' goods, autonomous demand, derived demand, individual demand, market demand, company demand, industry demand, short run demand, long run demand, demand for durable goods, demand for perishable goods, joint demand, and composite demand. Each type is defined and an example is provided to illustrate it. The document provides an overview of the different classifications of demand.
Evolution and Function of Money
I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
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The document provides an overview of the evolution of money and the monetary system in India. It discusses the development from barter systems to various forms of money like commodity money, metallic money, paper money, and digital money. It describes the functions of money as a medium of exchange, store of value, and standard of deferred payments. It also discusses key concepts like the money supply and its components, sources of money supply, the role of the central bank (Reserve Bank of India) and commercial banks in money creation through credit. It provides definitions of legal tender money and different measures of money supply used in India.
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This document provides an overview of money and banking concepts. It begins with a discussion of barter economies and how money emerged to overcome shortcomings of barter. It then covers qualities and types of money, as well as the functions of money. The document also discusses demand and supply of money, the structure and functions of commercial banks, types of financial instruments, and provides an overview of Sri Lanka's financial system.
The barter system
The document discusses bartering as an exchange of goods without money, and proposes creating an online barter portal that would allow people worldwide to exchange products, assigning value to goods. The portal aims to save money and materials while benefiting those who cannot afford new items, and would address privacy and security issues.
Consumer's equilibrium
Consumer equilibrium refers to a situation where a consumer spends their income on purchasing goods in a way that maximizes their satisfaction. It occurs where the marginal utility per rupee spent equals the price, or where the marginal rate of substitution between goods equals the ratio of their prices. This happens at the point where the budget line that shows all affordable combinations of goods is tangent to the highest possible indifference curve on the indifference map, representing the consumer's preferred combinations.
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This document provides an overview of monopoly and monopolistic markets. It defines a monopoly market as having a single seller of a unique product, where barriers to entry prevent competition. Features include abnormal profits and price inelastic demand. A monopolist determines price by producing where marginal revenue equals marginal cost to maximize profits. A monopolistic market has many sellers of differentiated but substitutable products, with free entry and exit. Firms compete but influence each other. They set price along their demand curve above average cost to earn supernormal profits in the short run but normal profits in the long run equilibrium. The key difference between monopoly and monopolistic markets is the number of sellers and availability of substitutes.
Money concept and its functions
This document defines money and discusses its origins and functions. It begins by defining money according to economists as anything that serves as a medium of exchange, unit of account, and store of value. Money originated as commodity money, then metallic money like gold and silver coins, followed by paper currency and checks as credit/bank money, and now electronic banking. The primary functions of money are as a medium of exchange, unit of account, standard for deferred payments, and store of value. It also has secondary functions like aiding specialization and trade and being used for loans, and contingent functions related to incomes, credit systems, and liquidity. The document outlines the evolution and roles of money.
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This document discusses the concepts of individual demand, market demand, and the assumptions of the law of demand. It provides examples of an individual demand schedule and curve for an individual named Adam. It then explains that market demand is the aggregate of individual demands. A market demand curve is created by horizontally summing individual demand curves. The market demand function is the horizontal summation of individual demand functions. Finally, it provides an example of how individual demand curves from three individuals (A, B, and C) can be summed to create a market demand curve.
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The document discusses the evolution of money from early commodity forms like cattle and grains used as a medium of exchange, to the development of metallic coins, paper money, and modern forms like credit/bank money, plastic money, and digital currencies. It provides definitions of money and outlines the key functions of money as a medium of exchange, store of value, and unit of account. The document also examines the advantages and disadvantages of different forms of money throughout history as the concept has developed and modernized over time.
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This document defines and explains the key components of money supply and how it is measured. It discusses four main measures of money supply: M0, M1, M2, and M3. M1 includes currency in circulation and demand deposits. M2 adds savings deposits and time deposits. M3 includes longer-term time deposits. Each measure expands the definition in terms of liquidity and availability for use in transactions. The document also explains the components that make up each measure, such as currency, demand deposits, savings deposits, and time deposits.
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This document defines money and discusses its functions and evolution. It notes that money acts as a medium of exchange, store of value, and unit of account. Originally barter and commodities were used, but money developed to solve difficulties with barter. Coins and paper money later replaced commodities as money. Modern money includes coins, paper notes, and checkable deposits. Central banks control money supply and commercial banks create credit and accept deposits.
Types of demand
There are 14 types of demand described in the document. They include demand for consumer goods, producers' goods, autonomous demand, derived demand, individual demand, market demand, company demand, industry demand, short run demand, long run demand, demand for durable goods, demand for perishable goods, joint demand, and composite demand. Each type is defined and an example is provided to illustrate it. The document provides an overview of the different classifications of demand.
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I’m a young Pakistani Blogger, Academic Writer, Freelancer, Quaidian & MPhil Scholar, Quote Lover, Co-Founder at Essar Student Fund & Blueprism Academia, belonging from Mehdiabad, Skardu, Gilgit Baltistan, Pakistan.
I am an academic writer & freelancer! I can work on Research Paper, Thesis Writing, Academic Research, Research Project, Proposals, Assignments, Business Plans, and Case study research.
Expertise:
Management Sciences, Business Management, Marketing, HRM, Banking, Business Marketing, Corporate Finance, International Business Management
For Order Online:
Whatsapp: +923452502478
Portfolio Link: https://blueprismacademia.wordpress.com/
Email: arguni.hasnain@gmail.com
Follow Me:
Linkedin: arguni_hasnain
Instagram : arguni.hasnain
Facebook: arguni.hasnain
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This document provides an overview of money and banking concepts. It begins with a discussion of barter economies and how money emerged to overcome shortcomings of barter. It then covers qualities and types of money, as well as the functions of money. The document also discusses demand and supply of money, the structure and functions of commercial banks, types of financial instruments, and provides an overview of Sri Lanka's financial system.
The barter system
The document discusses bartering as an exchange of goods without money, and proposes creating an online barter portal that would allow people worldwide to exchange products, assigning value to goods. The portal aims to save money and materials while benefiting those who cannot afford new items, and would address privacy and security issues.
Consumer's equilibrium
Consumer equilibrium refers to a situation where a consumer spends their income on purchasing goods in a way that maximizes their satisfaction. It occurs where the marginal utility per rupee spent equals the price, or where the marginal rate of substitution between goods equals the ratio of their prices. This happens at the point where the budget line that shows all affordable combinations of goods is tangent to the highest possible indifference curve on the indifference map, representing the consumer's preferred combinations.
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monopoly and monopolistic market
This document provides an overview of monopoly and monopolistic markets. It defines a monopoly market as having a single seller of a unique product, where barriers to entry prevent competition. Features include abnormal profits and price inelastic demand. A monopolist determines price by producing where marginal revenue equals marginal cost to maximize profits. A monopolistic market has many sellers of differentiated but substitutable products, with free entry and exit. Firms compete but influence each other. They set price along their demand curve above average cost to earn supernormal profits in the short run but normal profits in the long run equilibrium. The key difference between monopoly and monopolistic markets is the number of sellers and availability of substitutes.
Money concept and its functions
This document defines money and discusses its origins and functions. It begins by defining money according to economists as anything that serves as a medium of exchange, unit of account, and store of value. Money originated as commodity money, then metallic money like gold and silver coins, followed by paper currency and checks as credit/bank money, and now electronic banking. The primary functions of money are as a medium of exchange, unit of account, standard for deferred payments, and store of value. It also has secondary functions like aiding specialization and trade and being used for loans, and contingent functions related to incomes, credit systems, and liquidity. The document outlines the evolution and roles of money.
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This document provides an introduction to economics. It defines key economic concepts like scarcity, resources, production, consumption, and capital formation. It explains that economics studies how societies allocate their limited resources. Microeconomics focuses on individual units while macroeconomics looks at the overall economy. The central problems that economies face are what and how to produce goods and services, and how to distribute them. Production possibility frontiers are used to show production tradeoffs and opportunity costs between two goods with limited resources. Marginal rates of transformation represent the tradeoff between goods on the production possibilities curve.
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A PowerPoint Presentation about Indifference Curve of Economics. Everyone should know about Indifference Curve. So watch it, download it and make your own from it.
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Law of demand
This document discusses the concepts of individual demand, market demand, and the assumptions of the law of demand. It provides examples of an individual demand schedule and curve for an individual named Adam. It then explains that market demand is the aggregate of individual demands. A market demand curve is created by horizontally summing individual demand curves. The market demand function is the horizontal summation of individual demand functions. Finally, it provides an example of how individual demand curves from three individuals (A, B, and C) can be summed to create a market demand curve.
Equilibrium of firm and Industry under Perfect Competition
Macro Economics
For downloading this contact- bikashkumar.bk100@gmail.com
Prepared by Students of University of Rajshahi
Md. Sultan Mahmud
Md. Shaon Mollah
Md. Mamun Miah
Md. Abid Hasan
Shimul Kumar Mondal
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The document discusses the evolution of money from early commodity forms like cattle and grains used as a medium of exchange, to the development of metallic coins, paper money, and modern forms like credit/bank money, plastic money, and digital currencies. It provides definitions of money and outlines the key functions of money as a medium of exchange, store of value, and unit of account. The document also examines the advantages and disadvantages of different forms of money throughout history as the concept has developed and modernized over time.
E - Business Introduction
This document provides an introduction and overview of e-business and e-commerce. It defines e-business and e-commerce, discusses the differences between them, and outlines several key concepts related to e-business including types of e-business models, advantages and disadvantages of e-business, and components of the e-business value chain. The document also discusses trends in e-commerce in India and provides examples of major e-commerce companies.
Supply Presentation
Supply refers to the quantity of a commodity that producers are willing and able to sell at a given price in a market during a specific time period. The three key aspects of supply are that it is a quantity, it is determined by price, and it is a flow rather than stock variable. Individual supply is the quantity a single firm is willing to produce, while market supply is the total quantity from all producers. Supply is positively impacted by higher prices and negatively impacted by higher input costs and taxes.
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Walmart Business+ and Spark Good for Nonprofits.pdf
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
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Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
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Answers about how you can do more with Walmart!"
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at Integral University, Lucknow, 06.06.2024
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Any substance (other than food) that is used to prevent, diagnose, treat, or relieve symptoms of a
disease or abnormal condition
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Barter system
- 9. In Barter system goods were exchanged through goods. In this process wants of both buyer and the seller must coincidence. This is called Lack of coincidence of wants. Lack of coincidence of wants make the difficulty of Barter system.
- 11. Some Goods are Perishable. They perish in a short period. So it was not possible to store the goods in Barter system for a long time
- 12. If we store in Barter system
- 13. In Barter system we cannot divide all the commodities into small units. It is also one of the problem of Barter system.
- 15. In Barter system the value of every commodity can be measured in terms of other commodity. But it is not possible to measure the commodity value with other commodity.
- 16. Deferred payments means future payments. Under Barter system future payment for present transaction was not possible. The future exchange involved some difficulties
- 17. In order to overcome the discussed difficulties in barter system, money was invented in economy.