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