Do You Know Trade By Barter?

Money is the general medium of exchange in the world today. It is a widely accepted form of payment for goods and services. Money serves as a unit of account, a store of value, and a medium of exchange. It allows individuals to trade and conduct transactions efficiently, eliminating the need for barter or direct exchange of goods. Money can take various forms, such as cash, coins, or digital currency, and it is universally recognized as a means of exchange in modern economies.

The question states that the person did not contribute to the study of barter. Since none of the options provided (Adam Smith, Benjamin Orlove, Keith Hart) is the correct answer, the correct answer must be "None of the above".

Adams Smith is the correct answer because he is the only person mentioned who is known for his work on economics and specifically for his book "The Wealth of Nations". In this book, Smith discusses the concept of barter extensively, explaining how it functions as a system of exchange where goods or services are traded directly without the use of money. His work on barter and its role in economic systems makes him the most likely candidate to explain the word "barter" effectively.

Keith Hart contributed to the study of barter.

All three individuals mentioned in the options - Benjamin Orlove, Keith Hart, and Adams Smith - have made significant contributions to the study of barter. Benjamin Orlove is an anthropologist who has conducted research on barter systems in various cultures. Keith Hart is an economic anthropologist who has written extensively on the informal economy and the role of barter in it. Adams Smith, also known as Adam Smith, is a renowned economist who discussed the concept of barter in his book "The Wealth of Nations." Therefore, all of the above options have contributed to the study of barter.

The given statement is incorrect because exchanging gold for services is not considered barter in America today. Barter refers to the exchange of goods or services without the use of money. In America, gold is considered a form of currency and is typically exchanged for its monetary value rather than as a direct exchange for goods or services. Therefore, the correct answer is "No".

The correct answer is Owenite. In the 1830s, a group of socialists in Britain attempted to organize a system similar to barter. They were called the Owenites, named after Robert Owen, a prominent social reformer and advocate for cooperative communities. The Owenites believed in creating a society based on cooperation and equality, and they sought to establish communities where goods and services would be shared and exchanged without the use of money.

Benjamin Orlove contributed to the study of barter. Although the question does not provide specific details about Orlove's contributions, it can be inferred that he has made significant contributions to the field based on his inclusion as an option among the other names. It is likely that Orlove has conducted research or published works related to barter, which has contributed to the study and understanding of this economic practice.

According to ethnographic studies, barter was never used as a medium of exchange in the world. This means that throughout history, people did not rely on direct exchange of goods and services without the use of money or a common medium of exchange. Instead, various forms of currency, such as coins or paper money, have been used as a means of facilitating trade and commerce.

The statement "Exchange is also precisely means barter" is incorrect. While exchange and barter are related terms, they are not precisely the same. Barter refers to the direct exchange of goods or services without the use of money, whereas exchange can involve the use of money or other forms of currency. Therefore, the correct answer is "no."