Final answer:
If something other than money is taken as premium, the requirement for the value would depend on the agreed upon system of exchange. Money makes it easier to account for and exchange different values, but there are instances where some values cannot be easily evaluated in terms of money.
Step-by-step explanation:
If something other than money is taken as premium, the requirement for the value would depend on the agreed upon system of exchange. In the past, societies have used various objects as a medium of exchange, including cowrie shells, tally sticks, gold coins, or even animal skins. The value of these objects would be determined by the consensus within that particular society.
For example, let's say in a society, a small portion of vegetables is valued at 10 units. If two traders have come with their wallets, they can use money to make two separate transactions for items of different value instead of negotiating a swap. Money makes it easier to account for and exchange different values.
However, there are instances where some values cannot be easily evaluated in terms of money. Love or friendship, for instance, are priceless and cannot be accurately described using a dollar amount. Each individual may have their own unique perception of value in such cases.