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![]() In addition to barter, people exchanged gifts, and some researchers believe that this provided an insurance that gift receivers will reciprocate at a later time. For example, if one person made weapons like arrows, and another person was good at hunting, then exchanging food for weapons was simple, because it was easy to find someone with a need for food, as well as with a need for weapons. The need for variety in products was low during early history. ![]() Historically people exchanged goods and services based on the barter system, where a product or a service produced by one person was exchanged for a product or a service produced by another person. The need for currency arose with the growth in trade. The word “currency” refers to several notions: a set of items used for trade, a set of all forms of money issued by a particular country or region, banknotes, or all money in the world currently in circulation.
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