Money Through the Ages     SEPTEMBER 6, 2012
Key Words Self-sufficient Specialization Division of labour Bartering Double coincidence of wants Deferred payment ...
What is Money? Bills and coins Used to exchange for goods or services, or to pay a debt
Why Do We Need Money? We are not self-sufficient. The need for specialization and exchange. Specialization was the firs...
How Specialization Began
Task Discuss as many advantages and disadvantages of self-sufficiency and specialization as you can think of.
Self-SufficiencyAdvantages            Disadvantages
SpecializationAdvantages           Disadvantages
Question How did people trade in the past without money?
Before money was invented, people used…                Bartering
Problems with Bartering Fixing a rate of exchange Finding someone to swap with   Double coincidence of wants = two peop...
The Functions of Money A medium of exchange   No need for double coincidence of wants A measure of value   Helps to av...
Money Sense ‘Money makes the world go round?’ Do you agree or disagree with this statement? Why?
Money Sense ‘Money doesn’t bring happiness’. Do you agree or disagree with this statement? Why?
Money Matters Money matters! It affects the life choices we make. Money is … a form of energy that tends to make us mor...
What Makes A Good Money? Get into groups and discuss which of the items below would make a good money. Record the views a...
What Makes A Good Money Acceptability – Everyone accepts it. That’s why our    present money is a token money – a piece o...
References Clifford, T. (2009). Money through the ages. Vero    Beach, FL: Rourke Publishing LLC.   Einspruch, A. (2011)...
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G9 10 econs_sept

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G9 10 econs_sept

  1. 1. Money Through the Ages SEPTEMBER 6, 2012
  2. 2. Key Words Self-sufficient Specialization Division of labour Bartering Double coincidence of wants Deferred payment Token money Face value
  3. 3. What is Money? Bills and coins Used to exchange for goods or services, or to pay a debt
  4. 4. Why Do We Need Money? We are not self-sufficient. The need for specialization and exchange. Specialization was the first step towards a wealthier society. Division of labour = Specialization
  5. 5. How Specialization Began
  6. 6. Task Discuss as many advantages and disadvantages of self-sufficiency and specialization as you can think of.
  7. 7. Self-SufficiencyAdvantages Disadvantages
  8. 8. SpecializationAdvantages Disadvantages
  9. 9. Question How did people trade in the past without money?
  10. 10. Before money was invented, people used… Bartering
  11. 11. Problems with Bartering Fixing a rate of exchange Finding someone to swap with  Double coincidence of wants = two people can barter when they both want the good that the other person has. Trying to save
  12. 12. The Functions of Money A medium of exchange  No need for double coincidence of wants A measure of value  Helps to avoid fixing prices of goods and services in terms of all other goods and services. A store of value  Allows people to save in order to make purchases at a later date.  In times of inflation, money will fail to be such a good store of value. A means of deferred payment
  13. 13. Money Sense ‘Money makes the world go round?’ Do you agree or disagree with this statement? Why?
  14. 14. Money Sense ‘Money doesn’t bring happiness’. Do you agree or disagree with this statement? Why?
  15. 15. Money Matters Money matters! It affects the life choices we make. Money is … a form of energy that tends to make us more of who we already are, whether it’s greedy or loving. By Dan Millman, athlete and author
  16. 16. What Makes A Good Money? Get into groups and discuss which of the items below would make a good money. Record the views and present your arguments to the class.  Mountains  Cheese  Cigarettes  Gold
  17. 17. What Makes A Good Money Acceptability – Everyone accepts it. That’s why our present money is a token money – a piece of paper or metal coin worth much less than the face value printed upon it. Durability Portability Divisibility. E.g. a whole car is worth much more than two halves. Hence, we divide money into smaller values. Scarcity
  18. 18. References Clifford, T. (2009). Money through the ages. Vero Beach, FL: Rourke Publishing LLC. Einspruch, A. (2011). Money sense. Managing money. South Yarra, Australia: Macmillan Education Australia Pty Ltd. http://www.historyforkids.org/learn/economy.mone y.htm http://library.thinkquest.org/C004203/economic01. htm http://www.pbs.org/wgbh/nova/moolah/history.ht ml

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