Before money was invented, people bartered for goods and services. Money is anything that is generally accepted as a mode for payment of goods & services and repayment of loans & debts such as taxes, etc., in a particular nation or country.
Money was invented to facilitate trade as the barter system, but it can not express the value and prices of goods & services. The term money covers everything, like currency notes, coins, cheques, etc., to carry out all economic transactions and settle claims.
Watch Tehleel Shah talking in detail about the Evolution of Money from Barter System to Digital Payment Methods.
The video is important for all aspirants preparing for UPSC CSE and will be useful both for Prelims and Mains. .
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