Vocab
Trading one item for another
Barter
Who used Bronze and copper coins?
Greece, Rome and later China
What was the problem with bartering?
Both sides needed to want exactly what the other side had
The development of money and coins made calculating values and prices easier.
True
The exchange of goods and services between people and groups
Trade
Who used grain and silver?
How did the creation of the medium of exchange make trading easier?
People did not have to have an item that someone else wanted in order to get what they wanted or needed
Currency could be saved for future use
True
Anything widely accepted as payment for goods and services
Medium of exchange
Who used beads and other items
Other cultures
What problem did the invention of currency solve?
Bartering
Currency made trade networks larger and more complex.
True
The process of converting one country’s currency into another’s
Currency Exchange
Who used cowry shells?
China and Africa
How did currency affect wealth storage?
It allowed people to save for the future
Cowry shells were used in Greece?
False