Existence of money reduce the costs of making transactions

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Q. 1. Explain how does the existence of money reduce the costs of making transactions, relative to a society based entirely on barter? English is becoming the usual language for international transactions, even if the language of neither country is English. Explain how
does this reduce the costs of transacting?

2. There are two goods in the economy, anchovies (a fish) also bananas (a farm product). Draw the economy's production possibilities before also after a natural disaster which lowers the banana harvest but does not affect anchovies.

Reference no: EM1313760

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