The document discusses the history of money and how bartering was used before modern currencies. Under bartering, people would directly exchange goods and services without a standard medium of exchange. Bartering was inconvenient as the items being traded had to be immediately exchangeable and transporting bulky or heavy goods was difficult. The document then defines money as anything widely accepted as payment for goods and services, which serves as a medium of exchange, store of value, and standard for deferred payments.

2.  Money
 History of Money
 Bartering
 Definition of Money

3.  How did people pay for
goods before we had
“money” as we know it
today?
 A system known as bartering

4. Today, bartering no longer exists,
except perhaps between friends.
E.G. _____________

6.  In order to barter, each person had to have
goods or services that the other person
wanted
 Both items had to be of equal value
 The goods being exchanged had to be
carried around- very awkward if the goods
were heavy or bulky

7.  Money is anything of value that is widely
accepted as payment for goods and services

8. 
Medium of exchange
 Measurement of value
 Standard of deferred payments
 Store of value

9.  On 1st January 2002, Ireland along with 11
other members joined the Euro
 The EMU was formed
(Economic and Monetary Union)
 There are 17 countries now in the Euro
zone
 Can you name a country other than Ireland
that uses the Euro?

10. Eurozone Countries

12.  No exchange rate issues
 No currency exchange fees
 Ireland’s interest rate should stay relatively
low
 Ireland’s inflation rate should also stay low

13. 9

14. Cheque:
A written instruction to your bank to pay a sum
of money to another person.
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15. Cheque: (continued)
There are three parties to a cheque:
◦ drawer — the account holder
◦ drawee — the bank where the account is held
◦ payee — the person being paid the money
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16.  A cheque contains the following additional
information:
1. Date 2. Amount in words 3. Amount in figures
4. Drawer’s signature 5. Cheque number 6. Account number
7. Branch sort code 8. Purpose of payment 9. New balance in
account
1
1
8
2 3
9 4
5 5 7 6
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17. Crossing a cheque
Crossing a cheque involves drawing two
parallel lines across the front
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18. Plastic Cards:
Banks provide a number of “plastic” cards for
their current account holders:
◦ Laser (Debit) Card
◦ ATM Card
◦ Cheque Guarantee Card
◦ Credit Card
People use “plastic” to pay for goods and
services and to transfer money to other people
without using cash.
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19.  Money can be transferred electronically in the
following ways:
 Direct Debit
A direct debit can be used to make a regular
payment where the amount changes each time, e.g.
the electricity bill
 Standing Order
A standing order can be used to make a regular
payment where the amount is the same each time,
e.g. a regular donation to charity
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20.  Money can be transferred electronically in the
following ways:
 Bank Giro Credit Transfer
A bank giro credit transfer is used to make a single
payment to another person through the bank, e.g.
paying your TV licence
 Paypath
Paypath is used by employers to transfer the wages
of their employees directly into their bank accounts
each payday
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