Question

Fill in the blank with appropriate alternatives given below

In the initial stage of development, __________ was used. 

Options

• credit money 

• paper notes

• metallic coins

• commodity money

Answer 1

In the initial stage of development, commodity money was used. 

Explanation: 

Initially, human beings exchanged goods and services for other goods and services. In other words, commodity exchange or commodity money was more prevalent. Commodities like sea-shells, salt, gold or other precious commodities were used as money for the exchange of goods and services.