As an economy modernizes and its standard of living rises,the proportion of transactions conducted with barter

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As an economy modernizes and people become wealthier, they have access to more money and financial instruments, such as credit cards, checks, and bank accounts. This makes it easier and more convenient to conduct transactions using currency, rather than barter. Therefore, the proportion of transactions conducted with barter tends to fall as economic modernization and urbanization occur.

As an Economy Modernizes and Its Standard of Living Rises,the