The barter system is the oldest system of exchange that existed long before the invention of money. In the barter system, people used to exchange commodities for commodities, for example, exchanging a goat for a sack of maize. But due to barter trade system weaknesses, such as the need for double coincidence of wants, it became necessary to find a common medium of exchange that was valuable and acceptable by every member of the community, and they called it money.
Based on the above information, how can you define the term "money"?
What are the different forms that money can take?
How do people earn money?
Why is money important?
Brainstorm the above questions in groups of four. Note down your answers and compare your them with those of your peers. Then, individually explore the provided resources Concept of Money and What is Money?, summarise the meaning of money, different forms of money, different ways of earning money, and the importance of money.
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