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UNIVERSITY OF THE EASTCaloocan Campus Department of Finance, Economics and Business MathematicsSUBJECT: FM111/FIN101INSTRUCTOR: Annie Lee G. De Belen, MBAPRESCRIBED TEXT BOOK:1. Rosemarie B. Laman. (2008). Financial System: Market and Management. Manila, Philippines REFERRENCE:1. Rosemarie B. Laman and Vincent Patrick B. Laman.(2005). MONEY, CREDIT and BANKING-The Basics. Latest Edition2. Stephen A. Ross. (2008). Essentials of Corporate Finance 6th Edition. McGraw-Hills. USA_________________________________________________________________________________________________MONEY, ITS EVOLUTION & SIGNIFICANCEBARTER SYSTEM was the first stage of monetary development. It is the direct exchange or swapping of goods for goods, services for services, goods for services or services for goods.Society abandoned the BARTER SYSTEM for the ff. reasons:1. It was difficult to look for the person who has things you need and who also wants the things you are offering for exchange.2. There is no common denominator to measure the value of goods and services sought for exchange.3. Most of the goods traded have unequal values.4. It is time consuming, cumbersome and very inconvenient for individuals to use the barter system.5. It lacks generalized purchasing power.Because of the above difficulties of the BARTER SYSTEM, society had to loo

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