Chapter 7 - Money Flashcards
1
Q
Bartering
A
Swapping goods or services that one person has for goods or services another person has
2
Q
Disadvantages of bartering
A
- Both people must have something the other person wants
- Both items have to be of equal value
- Goods have to be carried around which would be difficult if they are bulky
3
Q
What are the characteristics of money?
A
- Everyone has to accept it as a payment for goods and services
- Easy to recognise
- Easy to break down into smaller units
- Has to be small, light and easy to carry around
4
Q
What are the 17 Eurozone countries?
A
Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta the Netherlands Portugal Slovakia Slovenia Spain
5
Q
Money
A
Anything of value that is widely accepted as payment for goods and services
6
Q
Euro note characteristics
A
🌀Each has the word ‘Euro’ written in Greek and Latin
🌀Initials of European Central Bank written in five languages
🌀Each note contains signature of President of European Central Bank
🌀A number of security features
7
Q
What are the advantages of a single currency to Ireland?
A
- Don’t have to worry about exchange rates
- We save money–> don’t have to pay commission on exchanging currency
•Lower interest rates•Expect lower inflation rates
