The Evolution of the Payments System from Barter to Precious

question 47

Multiple Choice

The evolution of the payments system from barter to precious metals,then to fiat money,then to checks can best be understood as a consequence of

• A)government regulations designed to improve the efficiency of the payments system.
• B)government regulations designed to promote the safety of the payments system.
• C)innovations that reduced the costs of exchanging goods and services.
• D)competition among firms to make it easier for customers to purchase their products.

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Definitions:

Universal Specification

A set of guidelines or criteria designed to be applicable across a wide range of products, services, or industries.

Capital Assets

Long-term assets acquired or owned by a business or corporation that are used in the production of goods or services and are not expected to be consumed or converted into cash within a year.

Organization Operations

The day-to-day activities and tasks that a company or organization undertakes to accomplish its business goals and objectives.

Specification

A detailed description of the design, materials, quality, and performance standards that a product, service, or process must meet.