The Role of Money in History

The study of money and its history.

1. Medium of exchange 2. Store of value 3. Unit of account 4. Standard of deferred payment.

Around 700 BC by the Lycian people in Turkey.

<p>The exchange of goods without using money.</p> Signup and view all the answers

<p>A need is something essential for survival, while a want is something desired but not necessary.</p> Signup and view all the answers

<p>Oxygen is an example of a primary need.</p> Signup and view all the answers

<p>Expensive jeans are an example of a secondary need.</p> Signup and view all the answers

<p>A want is a desire or craving for certain things that are not necessary for survival.</p> Signup and view all the answers

<p>Primary needs are essential for survival, while secondary needs are desired but not crucial for survival.</p> Signup and view all the answers