The Evolution, Functions, and Characteristics of Money
Flashcard
•
Social Studies
•
9th - 12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is the primary function of money in an economy?
Back
To serve as a medium of exchange
2.
FLASHCARD QUESTION
Front
Which characteristic of money ensures that it can withstand being used repeatedly?
Back
Durability
3.
FLASHCARD QUESTION
Front
What does it mean for money to be divisible?
Back
It can be easily broken down into smaller units
4.
FLASHCARD QUESTION
Front
Why is it important for money to have a limited supply?
Back
To maintain its value and prevent inflation
5.
FLASHCARD QUESTION
Front
Which of the following best describes fiat money? Options: Money backed by precious metals, Money that has value because the government says it does, Money that is only used in barter systems, Money that loses value over time
Back
Money that has value because the government says it does
6.
FLASHCARD QUESTION
Front
How did commodity money differ from fiat money?
Back
Commodity money has intrinsic value, while fiat money does not.
7.
FLASHCARD QUESTION
Front
What is the main disadvantage of barter systems compared to monetary systems?
Back
They require a double coincidence of wants.
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