Origin and Definition of Money
Pic credit Google. Definition of Money. There is no evidence about the first emergence of money , particularly the time and place concerned. People had very few wants in the beginning of human civilization. There was no need of money as they consequently interpendence for goods and services increased. Hence, the barter system came into existence to fulfill the initial needs of exchange. But a number of difficulties were observed in this system by the passage of time, for instance lack of double coincidence of wants , lack of store of common measures of value , lack of divisibility of commodities, lack of store of value, difficulty in deferred payment system, lack of transfer of value etc. In a civilised society, a need was felt that there should be such a system that could save all from these difficulties. Money came into existence in these circumstances. The term money is derived from the word "Moneta" . It is said that moneta is the other name of ...