Let’s Talk About Money. Life Without Money Barter was the means of trade long before money was invented. Barter means ‘swapping or exchanging goods or.

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Presentation transcript:

Let’s Talk About Money

Life Without Money Barter was the means of trade long before money was invented. Barter means ‘swapping or exchanging goods or services for another good or service’. Complicated and time consuming process – requires a ‘coincidence of wants’.

Bartering Video

What is money? Money is a medium that can be exchanged for goods and services.

Characteristics of Money It should be: Durable Portable Divisible Scarce Acceptable Hard to forge

Functions of Money Four specific functions: A medium of exchange – quick and easy to make payments with. A standard of value – measures value of items, attach prices to goods and services. A store of value – allows people to save and spend in the future. A means of deferred payment – allows people to buy items on credit.