Chapter - 11 From Barter to Money Barter System: Exchanging goods or services directly without using money. Example: Exchanging an eraser for a pencil if both parties need what the other has. Early Form of Trade: Oldest method of exchange used worldwide. Items Used: Cowrie shells, salt, tea, tobacco, cloth, cattle, seeds, etc. Double Coincidence of Wants: Both parties must need what the other is offering. Difficulties in Barter: Hard to find matching wants. No standard value for goods. Disagreements on fair exchange. Modern Exchange: Now, we use money (coins, notes) and digital payments for buying and selling. Divisibility Problem: You can't divide an ox to exchange a part of it for a smaller item like a sweater. Portability Problem: Large items like an ox are difficult to carry around for trade. Durability Problem: Items like wheat can rot or get spoiled, making them hard to store. Double Coincidence of Wants: Both traders must want exactly what the other has. Common Standar...