A small, isolated agricultural community produces three goods: corn, wool, and lumber. Currently, all trade is conducted through direct exchange (barter). The community leaders propose designating corn as the official medium for all transactions, meaning all goods will be priced and paid for in units of corn.

Evaluate this proposal. Is this new system likely to be more efficient than the original barter system? Justify your conclusion by analyzing how corn would fulfill the essential functions of a monetary asset in this economy.