What is the earliest form of trade?
What was the first commodity used as money?
What are the two main types of money?
Physical currency and digital currency
Coins and bank deposits
Bartering and commodities
What was the problem with bartering as a means of trade?
Bartering required a coincidence of wants between two parties, which made trade difficult.
How was this problem solved?
To solve the problem of bartering, people began using commodities such as cowrie shells, salt, and precious metals as a medium of exchange. These commodities eventually evolved into coins and paper money, which became widely accepted in trade and commerce.