Vocab 1
Barter
Trading goods for other goods
Traded stuff without real money
Denomination
The value of the piece of money
Its printed on the bill
What is invisible money?
Debit and credit cards
They might have something you need but you have nothing they need
The items were too heavy to carry
The items you have might not last on your journey home.
Holograms
Special pictures that look 3D
printed on bills for extra security
Cash
Term for money
Electrum
Mix of gold and silver
Why are pictures stamped on coin and bills?
Tells you where the money came from
What is the difference between a debit card and a credit card?
Debit card: you have the money in your bank account
Credit card: you borrow money then have to pay it back
Mint
Circulation
The money that is out in the world
currently being used and passed from person to person
Encoded
Written in a special code
Name a type of "money" countries bartered with
Feathers, lumps of silver, salt, gems,
Colorful stone, tea leaves, tobacco leaves
Why was paper money first made?
It was lighter and easier to carry than stones or other objects
Watermark
Special pictures that show up when held to the light
Another way to keep people from making fake money
Counterfeit
Fake money
Face value
The amount of money written on the front of the bill
Why is $1 worth that much but a $10 is worth more?
Because the government said that's how much they would be worth
Who invented the movable-type printing press?
Johannes Gutenberg
Why does the government keep the formula to making money a secret?
So that people cant copy it
So there cant be fake money
Counterfeiters
Currency
objects used to represent the value of goods
currency is all types of "money"
Floating Currency
Not attached to the gold standard
What happens to the value of the US dollar if there is a lot of counterfeit money in circulation?
The value of our dollar goes down.
It wont be worth as much if there's more fake money out there
How much does it cost to pint one bill?
4 cents.
According to the book, what was one benefit to having debit and credit cards over cash?
Light to carry
Harder to steal
Didn't have to worry about carrying all the bills around