Money set aside to spend at a later time is called ________.
Savings
Money owed to someone else is called ____________.
debt
A medium of exchange or currency is called __________.
money
To trade without using money is called ____________.
bartering
_________________ allows you to buy a good or service now and pay for it later.
Credit
True or False? Colonial Virginia had no banks.
True
True or False? Tobacco was never used as money.
False
True or false? Most people in Colonial Virginia used coins and paper money instead of bartering.
False
True or False? Farmers bought goods on credit and paid for them when their crops were sold.
True
True or False? In colonial Virginia, most people were wealthy merchants.
False
Trading a bushel of apples for a new axe is an example of ______________.
bartering
In colonial Virginia __________ was used as money.
tobacco
Farmers went into debt when they ____________________________.
bought goods and services and promised to pay for them when their crops were harvested and sold.
Currency is ______________.
coins and paper money
What is economics?
the way people get what they needs and want
What do we call an item that a person needs or wants?
a good
