This type of money uses objects with high innate, functional, or practical value.
What is commodity money?
This system refers to the exchange of goods and services without the use of money.
What is the barter system?
This economic system is based on customs, traditions, and beliefs.
What is a traditional economy?
Organizations owned and controlled by individuals or commercial companies belong to this sector.
What is the private sector?
This written exchange instructs one person to make a payment to another party.
What is a bill of exchange?
Money whose value lies in the amount stated on its face, backed by government promise.
What is fiat money?
This major disadvantage of bartering occurs when both parties can't agree on items to trade.
What is lack of double coincidence of wants?
In this economy, demand and supply determine what is produced and the price.
What is a free market economy?
The transfer of ownership from private sector to public sector.
What is nationalization?
This type of cheque has two parallel lines and can only be deposited into a payee's account.
What is a crossed cheque?
These were the first form of fiat money, made from precious metals but representing value on their faces.
What are tokens?
Some items cannot be divided without their value depreciating - this is called this disadvantage.
What is indivisibility of goods?
This metaphor describes how self-interest and competition guide economic decisions without central planning.
What is the invisible hand?
This sector typically offers job security, housing provisions, and retirement benefits.
What is the public sector?
This card allows holders to borrow up to a predetermined sum for short periods, to be repaid with interest.
What is a credit card?
Money serves this function when it's used to store wealth for a later date because its value remains reasonably fixed.
What is a store of value?
This barter disadvantage refers to commodities that cannot be stored for later use without perishing.
What is inability to store wealth?
This economy combines both private and public sectors, with shared economic decision-making.
What is a mixed economy?
In the private sector, this is typically determined by employee merit and performance.
What is promotion?
This allows customers to pay bills and do banking transactions over the phone, at a charge.
What is tele-banking?
Name three characteristics that make something effective as money.
What are: generally accepted, relatively scarce, divisible, homogenous, durable, and portable?
Before the barter system, this type of production meant individuals satisfied all their wants and needs directly.
What is direct production?
In this economic system, the government owns and controls resources and decides what, how, and for whom to produce.
What is a planned/command economy?
Name three disadvantages of nationalization mentioned in the documents.
What are: lack of worker motivation, inefficient production, over employment, and high cost of production?
This modern payment method uses a cellular device to pay for services and goods, whether digitally or physically.
What is mobile money/mobile wallets?