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Money is often used to purchase items 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 flat 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 flat money since the 1970s.
Why do you think most developed countries use flat 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
Flat Money
Store of value
Unit of account
Medium of exchange
