Money is often used to purchase an item in society, but bartering was common in the past. Bartering is the trading of one good or service for another good or service.
Explain your experiences with bartering.
List at least 1 advantage and 1 disadvantage to bartering.
Most developed countries in the world use fiat money. This means that their money is not backed by gold or silver. The value is related to only the faith in the country that backs it. The US has used fiat money since the 1970s.
Why do you think most developed countries use fiat money? Would it be practical to switch back to a commodity (like gold or silver) backed money system? Why or why not?
Use at least two of the following terms in your answer:
Asset
Fiat Money
Store of value
Unit of account
Medium of exchange
Please be sure to validate your opinions and ideas with citations and references in APA format.