Flashcards
Online Course Unit 2
Cards in this deck (10)
- 1* Money is a kind of technology that allows us to get what we need* In the modern world money looks like coins, banknotes, cards or even apps.
- 2* In the modern world you can use the internet and technology to spend or even save and invest money* But the word 'money' involves much more than what we use and know these days
- 3* In this class we go back in time to shop like cave children. They did not have cash, cards or apps but they still got what they needed and liked by......trading something they had with something someone else had. This trade off is called 'barter'.
- 4*Barter seems an easy way to pay for goods and services but it can be tricky because it depends on two chances (or coincidences)1) Chance #1: I have right now something you want right now
2) Chance #2: You have right now something I want right now - 5* When cave dwellers could not barter they gave credit to people they trusted* Credit is a Latin word that means 'to trust/ to believe'
* we give credit ONLY to people we trust - 6* If you give credit, you are the 'creditor'. A creditor gives a good or a service and accepts to be paid later* If someone gives you credit, you are in debt to the creditor and you are expected to pay for the goods and services at a later date
* you are a debtor - 7* In small communities, like prehistoric villages, people knew each other very well* This made it easy to decide who deserved credit. The villagers who behaved honestly were trusted and got credit when they could not barter
- 8*Today we still use credit to pay for goods and services and trust is still key to getting credit*If you pay for the goods and services you got credit for, it will be easier to get credit again in the future.
- 9* CREDIT and BARTER ARE OLDER THAN MONEY, WRITING OR EVEN NUMBERS* Next time you barter or you trust someone to pay you later, remember: it was cave dwellers who invented these payment methods.
- 10* So, give them credit for their intelligence and resourcefulness...* Which reminds me: 'credit' is not just about money.
To give someone credit for something also means to recognise their achievements and to praise them for those achievements.
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- Description
- this is part of Hallo, Money the online course on www.ooberkidsrepublic.com
- Created by
- cecilia valente
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