Multiply India - Information on Financial Planning

lug

History of Money

What did people do in the absence of money?

In ancient times, people got what they needed by exchanging goods or services they had.
This is called barter.

But, the barter system was not always practical to use, so money was invented.

Let us read Abdul’s story to understand this!

Before making a budget

Have you bartered your goods with others?
How did you decide the value of the goods you exchanged?

The Barter System

The Barter System

People practice barter even now. Here are a few things to bear in mind when you barter your goods/services:

When should I barter?

Avoid unnecessary barter. Barter only when there is urgent or utmost need

What can I offer?

Be wise about what you barter. You can barter an object or physical labour

What does it cost?

Know the value of your item before exchanging to have the best deal

Points to Remember

Points to Remember

Remember what you have learned about the Barter system.

Barter system is exchanging your goods and services for goods and services that you need from others.
You can barter things and physical labour.
Avoid unnecessary bartering; barter only in urgent need.
Know the value of your item before you barter with others

Quiz

Let us recall about the Barter system.

Quiz

Want to barter? Let's try doing through the medium of an activity!