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(B2.1) U5 Money: A short history
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What does the story of the mechanic and the farmer demonstrate?
You have to find the right person to barter with.
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Why can't government print money when they like?
Money loses its value.
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What was the first 'paper money' like?
A type of receipt or a note.
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What is 'fiat money'?
The cash we carry around with us.
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What does 'to barter' mean?
To exchange goods or services for other goods or services instead of using money.
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Why are strawberries unsuitable for use as money?
They last for such a short time.
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What does 'worthless' mean?
Without any value.
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Why were precious metals used as money?
They maintained their value over time, can be easily translated into prices and were widely accepted.
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What was the disadvantage of silver and gold?
They were heavy to carry around.
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What happens in a 'barter' economy?
We exchange items for services.
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What does 'standardising' mean?
Keeping something the same.
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What does 'medium' in 'You exchange these for a common medium of exchange - that is, money.'
Means, way, method.
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Why did some people use cocoa beans or salt as money in the past?
The uses gave them a basic value.
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What is the first advantage of a system that uses money, not bartering?
You don't have to find the 'right person'.
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