November 11, 2009
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Trading, old as mankind, may be defined, as the voluntary exchange of goods or services, or both. In the early days, the medium of trade was barter, where two people arrived at a mutually beneficial agreement and exchanged goods with one another. But since the invention of money the established standard of settlement changed to an exchange of a predetermined amount of money for goods or services bought. In effect a sale. The entire complexion of trading has altered periodically over the ages, progressively giving rise to specialization and a segregation of responsibilities. Trading has grown well beyond just a simple interaction between two individuals or groups.