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Uploaded on Monday 8 June, 2020 to the illusion of money |
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What functions money actually serves |
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From pre-historic beginnings of barter exchange to commodity money (such as salt and corn) converging into specie money (consisting traditionally of gold and silver coinage) and later fiat money (legal tender), we intuitively perceive money as a means to transact for goods and services either acquired or rendered. But what exactly are the functions of money in the economy, and how does a monetary system differ from a barter system?
This video is courtesy of the Khan Academy whose YouTube channel is available here. |
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