What is it ?
What is money ?
Money is any item or verifiable record that is generally accepted as payment for goods and services and payment of debts like taxes in a particular country economic context.
What does "medium of exchange mean ?
Money helps with transactions to buy goods or services by being used as an intermediary which eliminates the ineficient use of the barter system because you don't have to want what the other person is offering and you can just use money to buy what you want.
What is going to happen to banknotes and coins in the future.
According to the European Central Bank, the use of cash has been very questioned for a long time now and payments by card and digital payment have now overtook the use of payments in cash. However cash is still commonly used a lot up to this day and the production of cash is still going up by 3.7% globally. IN conclusion, even if card and digital payment have overtook cash payments, banknotes and coins are probably still going to be used for a very long time.
What is barter ?
Barter trade is the direct exchange of goods or services between parties without using money as a medium of exchange.
What three countries has the highest currency in the world ? Name at least one.
Kuwait Dinar, Bahraini Dinar, Omani Rial.
What was used as money for about 2600 years ?
Gold.
What does "store of value" mean ?
Money allows people to store and retrieve it sooner or later and it maintains its value over time. This allows people to store money for future purchases if they don't have enough to buy something at a certain time for example.
Who should produce money for it to have value ?
Trusted banks or governments.
IN what case can barter be useful ?
In small communities.
What currency is used in Finland ?
Euro.
What was used as money in China and Africa for a long time ?
Shells.
What does "unit of account" mean ?
Since money provides a standard unit of value, this means that it can allow businesses and individuals to compare the values of the goods and services that they have.
What countries have a hole in the middle of their coins ?
Japan, China, Denmark, Norway, etc...
What is one disadvantage of barter trade ?
There is no medium of exchange.
In What year did Euro enter in circulation ?
2002
What does the word salt have to do with money ? ( You need to say two points to get this question right.)
It was used in the roman empire as money and the word "salary" came from the word "salt".
What does "Standard of Deferred Payment" mean ?
Money is used to pay debts and obligations like taxes that are due in the future, this allows for goods and services to be purchased now and payed for in the future which helps a lot with economic growth.
By how many percent the global percentage of cash production is going up ?
3.7%
Trading with barter is inefficient because there is no medium of exchange and it is .........
time consuming.
What currency is used in Argentina ?
Argentinian Peso.
What properties does money need to have ?
It has to be durable, homogeneous, portable and divisible.
Why is money useful ?
Because it can be used as an intermediary to buy goods and services.
What is more used, cash or card and digital payment ?
Card and digital payment.
In What type of economy is barter still used sometimes ?
Traditional economies.
From what country is this banknote ?
Iceland.