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Money
History of Money
Bartering
Definition of Money
How did people pay for goods before we had “money” as we know it today?
A system known as bartering
Today, bartering no longer exists, Today, bartering no longer exists, except perhaps between friends. except perhaps between friends.
E.G. _____________E.G. _____________
In order to barter, each person had to have goods or services that the other person wanted
Both items had to be of equal value
The goods being exchanged had to be carried around- very awkward if the goods were heavy or bulky
Money is anything of value that is widely accepted as payment for goods and services
Medium of exchange Measurement of value Standard of deferred payments
Store of value
On 1st January 2002, Ireland along with 11 other members joined the Euro
The EMU was formed(Economic and Monetary Union)
There are 17 countries now in the Euro zone
Can you name a country other than Ireland that uses the Euro?
Eurozone Countries
No exchange rate issues
No currency exchange fees
Ireland’s interest rate should stay relatively low
Ireland’s inflation rate should also stay low