Evolution of Money
From history to the present money transactions are done in different forms. Depending on the type of material or the product and the quantity offered. Substance >>> (human effort) (labor) >>> THING >>> (human effort) (labor) >>> COMMODITY There is an exchange of value in different forms where the value is defined as follows: Elementary form of value Expanded form of value General form of value Some of the examples are below: 1. Elementary form of value 1 cloth = 1 boat 1 pot = 1 glass 2. Expanded form of value 1 cloth = 1 coat / 1 glass / 1 pot 3. General form of value 1 coat, 1 glass, 1 pot, 1 plate, 1 kg grain = 1 gold coin (all together will be worth a gold coin) which helps in understanding the availability, quality, and importance that gradually creates value to the product as time passes. The value of a product or service is also defined as the human effort and time (Value = Human effort & Time) The evolution of money, from its earlies...