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G8 EMS > The Development of money > Flashcards

The Development of money Flashcards

1
Q

What is money?

A

Common medium used primarily for exchanging goods and services

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2
Q

What is currency?

A

The money used in a country e.g. R $ and Euro

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3
Q

What is cash?

A

Notes and Coins

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4
Q

What is bater?

A

Exchanging good/services without using money

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5
Q

What is market?

A

A place where buyers and sellers come together to exchange goods and services

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6
Q

Where does money come from?

A
  • Man had always needs and wants
  • Needs - refer to good/services that are absolutely necessary e.g water
  • Wants - refer to good/services that we desire e.g. cold drink
  • Centuries ago money did not yet exist
  • People exchanged other things that were valuable to them to “buy” the products they wanted
  • Battering took place
  • People then decided to find a common medium to trade with money
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7
Q

What is the characteristics of a entrepreneur?

A
  • Creative
  • Plan
  • Risk taker
  • Leader
  • On time
  • Respect
  • Pay labour
  • care for customers
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8
Q

What is the disadvantages of the system of battery

A
  • Difficult to find the exact product that you need or want
  • Difficult to find a person who needs exactly what you want to trade
  • Difficult to strike a fair deal
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9
Q

What is the role of money in society?

A
  • Money is used as a common medium to exchange goods and services
  • Someone can expect something back if money is paid
  • Money improve people’s standard of living
  • Money is not the only thing that improve people’s standard of living
  • People need entertainment, love and interaction with other people
  • some societies money is to important ant and people use all their time and energy to gather money
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10
Q

Characteristic of money: Money is durable

A
  • Money can not be easily be damage

- in time, money will retain its form, but it might lose some value

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11
Q

Characteristic of money: Money is transportable

A

Money can be carried from one place to another

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12
Q

Characteristic of money: Money cannot be easily faked

A

Although fraud and money laundering are a reality, money cannot be printed / made by anyone.
Coins are made by The South African Mint (a subsidiary of the South African Reserve Bank).
Notes are printed by the South African Reserve Bank.

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13
Q

Characteristic of money: Money is divisible

A
  • Money can be divided into smaller units.

- In SA, there used to be 1c and 2c coins as well, but Government decided to do away with these coins.

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14
Q

Characteristic of money: Money is non-perishable

A
  • Money doesn’t perish (like food) when it is kept for a long period of time.
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15
Q

Characteristic of money: Money is scarce

A

Otherwise it is not valuable.

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16
Q

What is different forms of money?

A

In the past, people used a variety of items as money, e.g. gold, silver, animal skin, food and fabric.

17
Q

What are today’s forms of money?

A
  • Notes and coins.
  • Cheques.
  • Debit cards.
  • Traveller’s cheques.
  • Electronic money.
  • Credit cards.
18
Q

What is notes and coins?

A

Hard cash that enables people to buy products equal to the amount of money they have available.

19
Q

What is cheques?

A

A written order that instructs a client’s bank to pay money into the account of the person / business enterprise to whom the cheque is made out.

20
Q

What are debit cards?

A

Instead of paying with notes and coins, consumers can also pay with a debit card. Money is withdrawn from the buyer’s account and paid over to the merchant’s account immediately.

21
Q

What is a traveller’s cheque?

A
  • Designed to enable travellers to buy goods in foreign countries.
  • It is a pre-printed cheque of a fixed amount.
  • The person signing the cheque can either pay with such a cheque, or exchange the cheque for foreign currency equal to the amount printed on the cheque.
22
Q

What is electronic money?

A

Money is transferred electronically from one account to another account.

23
Q

What is credit cards?

A

A credit card entitles its holder to buy on credit up to a certain limit when there is no money in the credit card account.

24
Q

What is the advantages of using money?

A
  • Trading with money saves time.
  • Money cannot perish.
  • Money can easily be carried.
  • Money enables people to satisfy their needs instantly.

G8 EMS (14 decks)

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