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5 cards from this section. Quick, good the night before a test.
What is commodity money? Provide an example.
Think about things that can be traded and have value before the currency was invented.
What type of money is represented by bank notes?
Consider what you use for larger purchases that isn't a coin.
What type of money is backed by government decree?
Think about the role of government in establishing what is currency.
True or False: Coins are an example of fiat money.
Consider the material and value of coins.
Evaluate the impacts on an economy transitioning from commodity money to only using fiat money. Discuss both pros and cons.
Think about how historical changes have shaped current economies.
Illustrate a real-world application where the use of bank money outperforms physical cash. What might this suggest about future trends in transaction methods?
Consider how modern technology shapes spending habits in society.
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