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C11S1: The Evolution of Money. Main Idea: Money is any substance that functions as a medium of exchange, a measure of value, and a store of value. C11S1: The Evolution of Money. Key Terms: Barter economy Money Commodity money Fiat money Specie Monetary unit.

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c11s1 the evolution of money
C11S1: The Evolution of Money
  • Main Idea:
    • Money is any substance that functions as a medium of exchange, a measure of value, and a store of value.
c11s1 the evolution of money1
C11S1: The Evolution of Money
  • Key Terms:
    • Barter economy
    • Money
    • Commodity money
    • Fiat money
    • Specie
    • Monetary unit
c11s1 the evolution of money2
C11S1: The Evolution of Money
  • Barter Game:
    • You will be assigned a role and given goods. During the next 5 minutes, you must trade goods to acquire what you need. Roles are:
      • Blacksmith
      • Cattle Rancher
      • Corn Farmer
      • Lumberjack
      • Shoemaker
c11s1 the evolution of money3
C11S1: The Evolution of Money
  • Functions of Money
    • Medium of Exchange
      • It is accepted by all parties for goods and services
      • Historically, have been gold, silver, salt, etc.
      • ‘Salary’ comes from ‘salarium’ – Latin for a payment of salt
c11s1 the evolution of money4
C11S1: The Evolution of Money
  • Functions of Money
    • Measure of Value
      • We see a price, we know something’s value
c11s1 the evolution of money5
C11S1: The Evolution of Money
  • Functions of Money
    • Store of Value
      • Money must hold value until it is needed
c11s1 the evolution of money6
C11S1: The Evolution of Money
  • Money in Early Societies
    • Other items used as money
    • Examples of commodity money:
      • Tea leaves pressed to bricks in China
      • Blocks of cheese in Russia
c11s1 the evolution of money7
C11S1: The Evolution of Money
  • Money in Colonial America
    • Much commodity money used
    • Wampum (Narragansett Native American money) was given monetary value
    • Paper Money:
      • Some was printed by individuals
      • Continental dollars were issued to fund the Revolutionary War
    • Specie:
      • Most desirable form of money
      • Limited supply
c11s1 the evolution of money8
C11S1: The Evolution of Money
  • Origins of the Dollar
    • Pesos in America
      • Many circulated in America during our first years
      • Divided into pieces of eight, each piece is a bit
      • Looked like Australian talers and called that
      • Talers sounds like ‘dollars’
      • Becomes the unit of currency, divided into tenths
c11s1 the evolution of money9
C11S1: The Evolution of Money
  • Characteristics of Money
    • Portability
      • Must be easily transferred and carried
    • Durability
      • Must last a long time when being handled lots
    • Divisibility
      • Need to be able to use as little or as much as you need
    • Limited Availability
      • Must be available, but limited
      • Loses value if there’s too much of it around