Traditional and Modern Societies Flashcards
Where did the idea of money come from?
It evolved during the Bronze Age
When we talk of a country’s economy, what are we referring to?
The money spent on goods and services that people produce and use.
What types of payment do we use when in a modern society? (4)
- Electronic banking/Internet banking
- Coins
- Notes
- Debit cards/Credit cards
What is a modern society?
An industrialized society that uses technology to produce products for trade.
How do people rely on each other in a modern society?
People have specialized skills and rely on different people with different skills to produce goods and services that we cannot make or provide for themselves.
Give an example where we rely on people for goods and services?
If you are mechanic,you fix cars but can’t treat sick people. If a person is sick you need to pay for medical services to get well. You trade your services as a mechanic for money, which you the use to pay other people for their goods and services.
What do they do in traditional societies?
They use basic methods to hunt fro and harvest food.
What do traditional societies lack?
Lack technology and most of their activities are subsistence activities.
What does it mean if traditional societies activities are subsistence?
They use most of what they produce and trade very little.
Which society doesn’t see much economic growth?
Traditional societies
What is a traditional economy?
Mostly rural and agricultural, and the people who live in them are self-sufficient.
What does self-sufficient mean?
They don’t rely on others for survival.
What is money?
A current medium of exchange in the form of coins and banknotes. Money is anything that enough people will accept as payment for anything.
What is a lebola?
The price the man needs to pay to his fiancées family to marry her. They pay using cows
True or False
Money is more important to people who stay in modern societies than people who stay in traditional societies.
True 💯
