What is money - Evolution of the payment system

4 important questions on What is money - Evolution of the payment system

What is the payment system?

The method of conducting transactions in the economy.

What types of commodity money occurs in the payment system?

Money that needs to be universally acceptable, an object that has value to everyone, need to be easily standardised, divisible.

Why are checks so usefull?

You don't need to carry a large amount of money, it is thus easier for larger transactions, lot from theft greatly reduced.
  • Higher grades + faster learning
  • Never study anything twice
  • 100% sure, 100% understanding
Discover Study Smart

Benefits from economic payments:

Recurring bills can automatically be deducted from your account, Important cost savings

The question on the page originate from the summary of the following study material:

  • A unique study and practice tool
  • Never study anything twice again
  • Get the grades you hope for
  • 100% sure, 100% understanding
Remember faster, study better. Scientifically proven.
Trustpilot Logo