9 Questions
What is numismatics?
The study of money and its history.
What are the four key functions of money?
- Medium of exchange 2. Store of value 3. Unit of account 4. Standard of deferred payment.
When were coins first made?
Around 700 BC by the Lycian people in Turkey.
What is bartering?
The exchange of goods without using money.
What is the primary difference between a need and a want?
A need is something essential for survival, while a want is something desired but not necessary.
Provide an example of a primary need.
Oxygen is an example of a primary need.
Give an example of a secondary need.
Expensive jeans are an example of a secondary need.
Explain what constitutes a want.
A want is a desire or craving for certain things that are not necessary for survival.
How would you differentiate between primary and secondary needs?
Primary needs are essential for survival, while secondary needs are desired but not crucial for survival.
Explore the importance of money through history, from the replacement of bartering to the use of credit for postponed payments. Learn about the different functions of money such as a medium of exchange, unit of account, store of value, and standard of deferred payment.
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