CIVILIZATION
GREEK
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the wealth of the Greek colonies fell dramatically.
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merchants began trading money for goods rather than bartering.
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other civilizations refused to trade with them.
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Greek colonies quickly became self-sufficient.
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Detailed explanation-1: -Before money was invented, people bartered for goods and services. It wasn’t until about 5, 000 years ago that the Mesopotamian people created the shekel, which is considered the first known form of currency.
Detailed explanation-2: -Medium of Exchange Because everyone wants and values money, it is accepted by people everywhere in exchange for goods and services. With money, the problem of needing to find someone to barter with is eliminated, making it easier and more convenient for people to get the goods and services they want.
Detailed explanation-3: -History of The Barter System. The barter system dates back to 6000 BC, making it the oldest mode of transaction. The Mesopotamia tribes first introduced it, and later, the Phoenicians embraced it as a form of trading. They bartered goods to diverse people located in various cities across the Nile and beyond.
Detailed explanation-4: -People bartered before the world began using money. The world’s oldest known coin minting site was located in China, which began striking spade coins sometime around 640 BCE. Since then, the world adopted banknotes and moved into digital forms of payment, including virtual currencies.