Money Types
Barter System
Economic Systems
Public Vs. Private
Modern Money
100

This type of money uses objects with high innate, functional, or practical value.

What is commodity money?

100

This system refers to the exchange of goods and services without the use of money.

What is the barter system?

100

This economic system is based on customs, traditions, and beliefs.

What is a traditional economy?

100

Organizations owned and controlled by individuals or commercial companies belong to this sector.

What is the private sector?

100

This written exchange instructs one person to make a payment to another party.

What is a bill of exchange?

200

Money whose value lies in the amount stated on its face, backed by government promise.

What is fiat money?

200

This major disadvantage of bartering occurs when both parties can't agree on items to trade.

What is lack of double coincidence of wants?

200

In this economy, demand and supply determine what is produced and the price.

What is a free market economy?

200

The transfer of ownership from private sector to public sector.

What is nationalization?

200

This type of cheque has two parallel lines and can only be deposited into a payee's account.

What is a crossed cheque?

300

These were the first form of fiat money, made from precious metals but representing value on their faces.

What are tokens?

300

Some items cannot be divided without their value depreciating - this is called this disadvantage.

What is indivisibility of goods?

300

This metaphor describes how self-interest and competition guide economic decisions without central planning.

What is the invisible hand?

300

This sector typically offers job security, housing provisions, and retirement benefits.

What is the public sector?

300

This card allows holders to borrow up to a predetermined sum for short periods, to be repaid with interest.

What is a credit card?

400

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?

400

This barter disadvantage refers to commodities that cannot be stored for later use without perishing.

What is inability to store wealth?

400

This economy combines both private and public sectors, with shared economic decision-making.

What is a mixed economy?

400

In the private sector, this is typically determined by employee merit and performance.

What is promotion?

400

This allows customers to pay bills and do banking transactions over the phone, at a charge.

What is tele-banking?

500

Name three characteristics that make something effective as money.

What are: generally accepted, relatively scarce, divisible, homogenous, durable, and portable?

500

Before the barter system, this type of production meant individuals satisfied all their wants and needs directly.

What is direct production?

500

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?

500

Name three disadvantages of nationalization mentioned in the documents.

What are: lack of worker motivation, inefficient production, over employment, and high cost of production?

500

This modern payment method uses a cellular device to pay for services and goods, whether digitally or physically.

What is mobile money/mobile wallets?

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