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Money: A brief history

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  • What happens in a ‘barter economy’?
    we exchange items for services
  • What does the story of the mechanic and the farmer demonstrate?
    you have to find the right person to barter with
  • Why were precious metals used as money?
    they maintained their value over time, can be easily translated into prices and were widely accepted.
  • What was the disadvantage of silver and gold?
    they were heavy to carry around
  • What is ‘fiat money’?
    the cash we carry around with us
  • What is the first advantage of a system that uses money, not bartering?
    you don't have to find the "right person"
  • Why can’t governments print money when they like?
    It leads to higher prices and money loses its value.
  • Why are strawberries unsuitable for use as money?
    they last for such a short time
  • Why did some people use cocoa beans or salt as money in the past?
    their uses gave them a basic value
  • What was the first ‘paper money’ like?
    the first paper money was a type of receipt or note.
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