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Essay On Importance Of Money

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Money is something of valuable. It is generally accepted as payment of product and services. Money is important because it is the earliest inventions, formation civilization and also development of trade. Everybody wants money because money can enable people to choose what, when and where they want to buy their needs. Every country in this world has their currency coins and currency paper of its own.
In the last thousands years, the material form that money been taken change considerably which is from cattle and cowries shells to an electric currency. Bartering system use is trading services and goods between two or more people without use any cents of money. This system also is non-monetary system. This system brings benefits to people because …show more content…

Rollin (1836) state that in Roman Law the payment of fines were paid using oxen and sheep because the both of animal were valuable. Egyptians in the fourth millennium BC used gold bars as a medium of exchange while in Mesopotamia use silver bars as the medium of exchange. “A money of account comes into existence along with debts, money proper in the full sense of the term can only exist in relation to a money of account” (Keynes 1971, p. 3).
Money first existed as a unit of account. The first standardized money of account was wheat, but it was later replaced by barley. Money was recorded as a debt denominated in a unit of account, would be created as part of a forward debt contract. Money acting as a medium of exchange or means of payment would take physical form wheat or barley, and later, clay tablets, coins, or paper, denominated in terms of the idealized money of account. Production in a market system is always monetary production its purpose is to realize production in money form. Accordingly, the purpose of production in a market economy is to collect money-denominated units of the social measure of wealth. Collection of money-denominated assets becomes the universally recognized path to wealth and the money of account becomes the social unit of

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