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The Six Characteristics of Money
The coins and paper bills used as money in a society are called currency. A currency must meet the following characteristics: Durability Objects used as money must withstand physical wear and tear. Portability People need to be able to take money with them as they go about their business. Divisibility To be useful, money must be easily divided into smaller denominations, or units of value. Uniformity Any two units of money must be uniform, that is, the same, in terms of what they will buy. Limited Supply Money must be available only in limited quantities. Acceptability Everyone must be able to exchange the money for goods and services.
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Tortoise Domain Tortoise Domain is a small country made up of a group of islands in the warm southern ocean. Residents of the main island, Tortoise Island, are known throughout the country for their beautifully crafted glass jewelry made from volcanic glass that can only be found on their island. The medium of exchange of the country is shells from a rare breed of tortoise that inhibits islands in the region. Tortoise Island craftspeople have recently perfected a more streamlined canoe that allows traders to travel faster throughout the islands, as well as to other island nations in the region. So many goods are being bought and sold that the canoes are often overloaded with tortoise shell currency, and the tortoise is quickly disappearing from the region. The king meets with his councilors (your groups), to devise a new system of currency so that their economy can continue to grow.
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Your Task What factors should the king and his councilors consider in a new system of currency? What objects in the country of Tortoise Domain might serve as a more suitable medium of exchange? Create a poster that could be presented to the king. Be sure to make it obvious as to why your idea for a new currency is the perfect idea. Remember, only natural resources are to be used because printing technology is not available.
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