Money, can we live without it?
Money! People worry about it, think of ways to get more of it, and dream about how to spend it. Money — it's something we all use every day, but rarely think about, except to lament that we don't have enough of it. But how much do you really know about money?
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. The word MONEY comes from the Romans. Their coins were made in the temple of Juno Moneta. Moneta was the goddess of women and marriage.
Now you have the opportunity to learn about the origin of money and its evolution, from problems with barter trade, through first money to cryptocurrencies. In this WebQuest, you will also get acquainted with the functions and types of money. You will learn why it is advantageous to use money and what the future of money is. We will add a lot of amazing facts and knowledge. Go for it!
- Get to know the origin of money and its evolution.
- Understand the importance and functions of money in society.
- Get familiar with different types of money and their roles and advantages. Think about the future of money.
- Get to know the origin of money and its evolution.
Watch the following series of videos and take short notes on the evolution of money. With these notes, you should later be able to tell the simple but engaging story of money to someone else, from ancient history to the present. So you can start right now.
VIDEO - The History of Paper Money - Origins of Exchange - Extra History - #1
VIDEO - The History of Paper Money - Not Just Noodles - Extra History - #2
VIDEO - The History of Paper Money - Barebones Economy - Extra History - #3
VIDEO - The History of Paper Money - Lay Down the Law - Extra History - #4
VIDEO - The History of Paper Money - Working out the Kinks - Extra History - #5
VIDEO - The History of Paper Money - The Gold Standard - Extra History - #6
Now use your notes and tell an engaging story about the evolution of money. You can tell the story to yourself, but if you can, to someone else in your family or friend. If you want, you can also prepare a presentation with pictures and make your story really cool.
- Understand the importance and functions of money in society.
Read the following article on the importance of money in modern society. When reading an article, think about the advantages of using money in different areas:
- Money and Consumption
- Money and Production
- Money and Exchange
- Money and Distribution
- Money and Public Finance
Now you know some advantages of using money in the economy and society. Please answer the following question: What are the main advantages of using money according to your opinion?
Watch the following video about the four basic functions of money. Draw a simple map (or diagram) summing up the different functions of money and take brief notes while watching the video. Show this map to someone in your family or friend and explain the four functions of money simply.
Money serves four basic functions:
- it is a medium of exchange
- it is a store of value
- it is a unit of account
- it is a standard of deferred payment.
- Get familiar with different types of money and their roles and advantages. Think about the future of money.
Money is defined as a generally accepted medium of exchange for goods and services. We are going to take a look at the four types of money:
- commodity money,
- fiat money,
- fiduciary money,
- commercial bank money.
Read the following article comparing different types of money.
ARTICLE - https://quickonomics.com/different-types-of-money/Try to describe four types of money in your own words, namely commodity money, fiat money, fiduciary money, commercial bank money.
And what is the future of money? What are the alternatives to physical banknotes and coins? What are the alternatives to banks and governments that take care of the stability of the financial system?
The future is always beginning now. Watch the following two videos and think about the future of money.
Try to answer the two following questions before and after watching the videos:
- Do you think cash will disappear?
- Do you think that cryptocurrencies will prevail and governments and banks will no longer control the money system?
VIDEO - What does a cashless future mean?
Ask the above two questions to a family member or friend and compare your opinions.
After complete this WebQuest, I can:
| Describe the origin of money | ||
| List money types and functions | ||
| Reflect about the importance of money in the society | ||
| Analyze the money evolution | ||
| Compare different types of money | ||
| Explore the advantages of money in an economy | ||
| Judge the impact of different alternatives to money in our society | ||
| Create a map summing up the different functions of money | ||
| Showcase the usefulness of money |
*If you answered NO to more than half of the statements, you should go through WebQuest again and acquire more knowledge and skills if you answered YES to almost all questions; congratulations on your great success!
The topic of this WebQuest was money and its fascinating evolution. But not only that. You have got familiar with the origin of money and the reasons why money was created. You have understood the importance of money and the following four functions of money:
- money is a medium of exchange,
- money is a store of value,
- money is a unit of account,
- money is a standard of deferred payment.
We defined money as a generally accepted medium of exchange for goods and services. We mentioned four types of money, namely:
- commodity money,
- fiat money,
- fiduciary money,
- commercial bank money.
Now you also know the alternatives to physical banknotes and coins and you have a clue about the future of money. Although we still should keep in mind the proverb "When men speak of the future, the gods laugh".