What is Money? Please carry out the following tasks before facing the big screen: Collect your folder, homework sheet and purple pen. Go through your homework sheet and make any corrections to your work. Add any information to questions I have set in purple pen. Get your school planner out and place it on your desk. In your green book underline the title: What is Money? and underline today's date Face the big screen 1

Homework feedback Purple Pen B A C True False Topic 2 answers

Topic 3 https://www.youtube.com/watch?v=PIAXG_QcQNU Unit 1 Topic 3 https://www.youtube.com/watch?v=PIAXG_QcQNU

Today’s Title Objectives Topic 3 What is Money? Students will be able to: Define money Explain why we have money Outline the sources and features of money

Key words Barter – the exchange of goods and services for payment of other goods without using money. Counterfeiting – Producing a fake of a ‘real’ product. Mint – where coins are made. Denomination – the value of money. Hyperinflation – Accelerated rate of inflation When finished write down why you think we have money?

Recap – a history of money Bartering 650BC – The earliest coins Pounds shillings and pence – AD785

Looks what’s new! https://www.youtube.com/user/bankofenglanduk/featured https://www.youtube.com/watch?v=1JvLe3CDTZY

The purpose of money A form of payment. A unit of worth, it allows us to keep track of how much things are worth. It is a store of value; it can be kept and used later.

The Features Easily recognised Easy to carry Not easily available Available in different amounts Consistent in what they are worth Long lasting

Counterfeiting Task 1 A/A* B/C Write a paragraph explaining the following: What is counterfeiting? What features are on some of our currency How does counterfeiting affect the economy? Look at some of the notes and coins available. Write down how have coins/notes changed over time and what features have been added to stop people counterfeiting them?

Some Features Raised Print Watermarks Holograms Fluorescent ink A combination of traditional and computer based printing methods Ridged edges on coins Two tone metals

Question What would happen if government printed more money?

Answer Hyperinflation

The Future – cashless??? Direct Debits Apple Pay Contactless Standing order Debit card Internet banking Thumb With the person next to you firstly discuss and then write answers to the following in your book. Will we need money in the future? If so what for? Could we give up cash completely? Who would it affect?

Did you know The early Greeks and Romans set up stalls around the market place to conduct the earliest form of banking now with the introduction of the current account most people have bank accounts.