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Why Money Developed In Societies World Wide Principles Of Macroeconomics Response Paper

660 words - 3 pages

Kelly McGreevey
Principles of Macroeconomics
Homework 1
Throughout history, money has naturally emerged in human societies. This is due to a certain system that relies on each step to reach the next. It started with division of labor, and eventually made its way to having one single media of exchange.
Division of labor is a concept that depends on a few main factors. For the most part, it has to do with what people are good at and what they have access to. Geographic location plays a huge role in this.The set amount of resources that we have on earth are extremely unevenly distributed, so people had to make do with what they had. For example, people who live by the ocean vs people who live on farms inland. Those that live on the coast will be comfortable and have plentiful access to all of the products that come from the ocean, such as knowing which fish are safe to eat and how to catch them. On the other hand, those that come from the farm will have lots of knowledge with how to grow crops and how to prepare them.
Even though the resources on earth are so unevenly distributed, people still have needs for those things that they don't specialize in or have immediate access to. An example of this would be the someone who harvests crops and someone who makes clothes. Everyone needs to eat to survive, and everyone needs to be clothed to be accepted in society. Eventually this led to trade, and more specifically, barter. The person who harvested the crops could approach the person who made clothes, and then they could figure out a deal where they thought that the value of the items would be equal to each other. With paper money still not yet in the equation, barter was a way for people to get what they needed in order to survive.
Despite barter being a good choice for those who had no other way of getting what they needed, it...

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