Gr 7 EMS Topic 1 History of Money

A way of living where people produce everything they need, themselves

• subsistence economy

• mixed economy

• command economy

• capitalism

To focus on one thing and become really good at it.

• specialise

• diversify

• economise

• barter

Having more of something than is needed.

• shortage

• deficit

• surplus

• saving

Trade that takes place without money, goods are exchanged for other goods.

• credit cards

• cheques

• promissory notes

• bartering

Trade that occurs when money is used to pay for goods or services

• direct trade

• indirect trade

• bartering

• credit transactions

Any item that is used to make trade easier.

• transportation

• credit card

• debit card

• medium of exchange

Money is _____ which means that it is not easily broken or used up.

• portable

• durable

• divisible

• scarce

Money is ____ which means that it can be easily carried around.

• durable

• portable

• divisible

• scarce

A piece of paper that is an instruction by an account holder to their bank, to pay a sum of money to another person.

• promissory note

• cheque

• credit note

• debit note

A type of bank card which allows the holder to borrow money in order to make payments

• credit card

• bank card

• debit card