History of money: Topic 1 Flashcards
Name 4 examples of people who lived self-sufficient lives.
- The hunter-gatherers in SA
- The Twa in Zaire
- The Inuit in Alaska
- The Aborigines in Australia
What is ‘herding’?
Herding means feeding and looking after animals. Herders move from place to place to find food and water for the animals and themselves.
When were animals killed?`
When there was not enough wild meat.
As groups met other groups, they _________ ____. This was called _______.
Exchanged goods.
Bartering.
List 3 reasons why bartering was difficult.
- It was not always practical. People couldn’t find what they needed when they tried to exchange their goods with another group.
- It was not always easy to carry certain goods.
- It was difficult to work out the value of certain items because people attached different values to different items.
Soon, traders were willing to accept certain goods which appeared to be ______ and/or _______, for example s______, cl______, i________ o________ and c_______ s________. Later, g______ and co_______, which were rare, were exchanged for goods great value. Precious metals were in great demand, because they were ________ and did not _______ __________.
These goods were known as: _________ money.
Useful. Valuable. Salt. Cloth. Iron Ore. Cowry shells. Gold. Copper. Heavy. Break easily. Commodity.
Traders had to carry a s______, of _______ _________ as well as a set of ______ to weigh the ______ of metals needed to exchange for goods.
Sack.
Precious metals.
Scales.
Quantity.
What is a promissory note?
A promissory note is signed between one person/ business and the issuer. The issuer promises to pay and amount to the payee whenever it is needed.
What did the Lydian people in the region of Turkey do first? Give the year.
In the the year 700 BCE, the Lydian people were the first to make coins from precious metals.
As far back as ___ CE, China issued paper money. In the ____ century, paper money became the most common form of money in ______/ the _______ of goods.
960.
19th.
Europe.
Exchange.
What is a country’s own currency called? Explain.
Legal tender: is money that is accepted as a means of payment in a country.
People use ____ banking to _____ money into their accounts, ______ money from their accounts and _________ accounts. Banks also offer _______ and many people buy property and motorcars by borrowing money from a bank and ______ it in monthly _______.
Electronic. Deposit. Withdraw. Pay. Loans. Repaying. Installments.
What does ‘wages’ and ‘salaries’ mean?
Wages: Money paid to workers on a weekly basis.
Salaries: Money paid to workers on a monthly basis.
Name 4 examples of commercial banks.
- Standard Bank.
- Nedbank.
- FNB.
- ABSA.
What does ATM stand for?
Automated-Teller Machine.
