Ch. 11.1 Notes: History of Money = $10 (half ounce gold) Costs $729 = $1.

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Ch Notes: History of Money = $10 (half ounce gold) Costs $729 = $1

I. Money >> Anything a society deems to be valuable in order to measure worth for exchange

II. Three Functions of Money A. Medium of exchange > can be exchanged for something else B. Store of Value > can be saved for later use. Measures your worth 53.5 B 53 B 47 B

C. Measure of Value > expresses worth

2009 U.S. TERRITORIES QUARTERS PROGRAM

III. Commodity vs. Fiat Money A. Commodity > can be used for money or something else B. Fiat > can only be used for money

IV. Four Types of Colonial Money A. Item/commodity money B. Wampum > shell money used by natives C. Early paper money D. Specie > coin money

V. History of the Dollar A. The Spanish peso was most plentiful coin in America by late 1700s because of trade and use by pirates B. The peso looked like the Austrian “taler”, translates to “dollar” here C. The gov created the dollar and made it divisible by tenths

VI. Four Traits of Money A. Portable > easily moved B. Durable > lasts C. Divisible > can be divided into small parts D. Limited > keeps its value

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