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(B2.1) U5 Money: A short history

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