Problems of barter system and evolution of Money
Visit- www.edunirvana.com, to know more about our latest product- Economics Lab! (Fastest and surest way to learn Economics!) This video consists of small snippets of story called no money island. In this 10 minutes video learner will learn about problems of barter economy and evolution of Money. In this story we have explained 100's of concepts like this. In this story the learner would see how king and his ministers have evolved the island's inefficient economy from an arcane barter system to robust and thriving economy by introducing the concepts of money, financial system, central bank and consumer price index. The Story also shows how this island started trading with other nearby islands to harness its competitive advantage, how it evolved its exchange rate and balance of payment, how it started measuring economy's health and how it started differentiating between real and nominal values.
