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Understanding the Concept of Money
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Understanding the Concept of Money

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Questions and Answers

Why do people want money according to the text?

  • To use as decoration
  • To collect portraits of famous individuals
  • To bake bread
  • To buy necessities and goods (correct)

    • What would you have to do if you needed new clothes and there was no money?

  • Knit them yourself (correct)
  • Bake them
  • Buy them from a store
  • Exchange other items for clothes

    • What did people do before the concept of money existed?

  • Buy clothes from stores
  • Trade items with each other
  • Hunt animals for fun
  • Gather berries and kill animals for food (correct)

    • Which term describes a system of trading one thing for another without using money?

    <p>Bartering</p> Signup and view all the answers

    What is the main reason for exchanging items through bartering?

    <p>To increase self-sufficiency</p> Signup and view all the answers

    What would you need to do to have flour for baking bread in a world without money?

    <p>Grow wheat, harvest, grind, and sift it</p> Signup and view all the answers

    What skills did some people possess before the existence of money?

    <p>'They were good at making clubs or clothing.'</p> Signup and view all the answers

    'Imagine if you had to raise a sheep and shear it, spin the wool to make yarn, and then knit the sweater yourself.' What does this scenario suggest about acquiring clothing in a money-free world?

    <p>'Individuals had to personally engage in the entire clothing-making process.'</p> Signup and view all the answers

    What is described as a 'system of trading one thing for another'?

    <p>Using barter exchanges.</p> Signup and view all the answers

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