Introduction Flashcards
(24 cards)
What is EMS?
Entrepreneurship
Over 100,000 years ago what did people have to do?
They had to provide for their own needs
What does self-sufficient mean?
Having to provide for your own needs without anyone else’s help.
Examples of people who live self sufficiently? (Give 1 example)
Hunter gatherers in SA, Twain in Zaire, Inuit in Alaska and Aborigines in Australia
What did they live on?
They lived on meat from wild animals and food from plants
What is it called when people live on meat and food fro plants?
Hunting and gathering
What did they all produce?
They all had to produce goods and services.
True or false. They had limited range of goods and services
True
What is Subsistence Economy?
Having no technology, mostly only producing things they need to survive.
What does modern society use?
Modern society uses coins,notes, and debit cards to play for goods and services
What is electronic banking called?
Internet banking
What is industrialized society?
A society that uses technology to produce goods for trade
Hunters famed and kept their animals what is this called?
This is called herding
What did they live off on?
They lived on goats milk and only ate their animals if they really had to.
What is bartering?
A trade system, where people exchange services or goods for other services or goods.
Name 3 disadvantages of bartering
No-one knew the exact value of the good/service.
Storing the goods was difficult
It wasn’t always easy
What was the first type of money used?
Cory shells
In ??? Pieces of ??? Were the earliest coins
In 500 BC pieces of silver were the earliest coins
What year did people use cowry shells as money and where?
In 1200 BCE in China
Why in 1000BCE did the money made from metal/copper often have holes in the centre?
They had holes so they could be strung together
In 800 BCE paper currency appeared in China. True or False
True
What is a payer?
Somebody who pays Somebody else.
What is a payee?
Someone who gets paid/receives the money from the payer
What 4 things must a promissory note include?
-the term primissory note
-the value
-name of payee
-payers signiture
