Answer to Question #234392 in Finance for Precilla

Question

1.2. Discuss the evolution of the payment system

Answer 1

From the beginning until 3000 B.C.

The payment method was barter. Barter trade involved exchange of goods between individuals.

3000 B.C

The payment method was barley. Barley was simply a commodity money used to exchange goods.

700 B.C

Payment system at this time was precious metals. The precious metal was used to exchange goods.

17th Century A.D.

Payment was majorly through bank notes.

21st Century or the present day

Payment can be digital. People can trade and work and earn through various technologies online like use of PayPal.