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What are the main factors of wealth creation in the world?
The exchange of goods and service from one object to another object.
What is the monetary system?
Medium of exchange: anything that is generally accepted as a standard of value and a measure of wealth in a particular country or region
What are characteristics of wealth?
Wealth is material, we will not consider human skill and mental ability as wealth.It produced by labor. If we consider land have all the characteristics of except one that it is not produced by labor.Capability to satisfy human desire. For instance money is not wealth but a medium of exchangeWealth must have Exchange value
What was the reason behind Italy's wealth in history?
Italy's wealth in history was due to its strategic location at the center of the Mediterranean Sea, which allowed for trade and cultural exchange with other civilizations. Additionally, Italy's fertile land and natural resources, as well as its artistic and intellectual achievements, contributed to its prosperity.
Advantages and disadvantages of barter system?
merits of barter systemincrease in production, gain in exchange of goodsindependent workprompt paymentsno inflationpopular in rural areasevolution of societyindustrial revolutionInternational tradedemeritsnon-matching of wants lack of common measurelack of sub-divisionproblem of wealth storageproblem of wealth transferfuture payments problemno division of labourtax collection problemno capital formatiomno banking systemno stack exchangeno forward market
