No one is sure of the exact date money was first used. Some experts believe it was about 3000 BC, others earlier.
Gradually however, it became apparent to civilization that trade would be a heck of a lot easier if there were a standardized way to state the price of something, as well as a designated commodity that would be accepted by everyone as payment for goods.
The answer was money!
Chapter 3 Topics
- The origins of money
- The functions of money
- The characteristics of money
- Detecting counterfeit currency
- Exploring careers in cyber-security
Chapter 3 Objectives
- Describe the advantages of money over barter
- State the functions of money
- List the characteristics of money
- Analyze whether a thing used as a medium of exchange is money
- Tell about careers in cyber-security
Activity Binder
Click here to view and download the Chapter 3 Activity Binder
What Does That Mean? e-flashcards
Chapter 3 has 12 financial literacy vocabulary terms.
Economist
An expert in economics which is a social science concerned with the processes and systems by which goods and services are produced, sold, and bought.
Commodity
Any marketable item.
Currency
Money in any form when used as a medium of exchange.
Medium of exchange
Intermediary instrument used to facilitate the purchase or sale of goods; a function of money.
Money
The agreed medium of exchange for a society.
Unit of account
Unit which can be used to define and compare the value of something; a function of money.
Store of value
The ability to be reliably saved, stored, and retrieved over time; a function of money.
Purchasing power
The amount of goods or services that a unit of money, such as one dollar, can buy.
Wealth
An abundance of valuable possessions or money; property; riches.
Counterfeit currency
Imitation currency produced without the legal sanction of the state or government.
Federal Reserve Bank
The “Fed”; the central bank for the U.S. which manages U.S. currency, money supply, interest rates, and monetary policy.
Data breach
Theft or loss or secure digital media often by hack.
Links to Chapter Resources
10 Cybersecurity Facts (8:52 minute video)
Cybersecurity 101 (3:53 minute video)
The Secret Lives of Hackers (3:08 minute video)