How money makes trading easier: coins, paper money and banks
Grade 7 Social Studies Worksheet - Building Confidence
NameDate
Circle the best answer.
Can the potter and the farmer swap goods directly, Zee asks?
- Yes, since each wants grain
- No
- Yes, the potter has the cloth the farmer wants
- The table does not show the farmer
Ari reads the word barter. What is barter?
Use the picture in question 1.
- Swapping goods for goods
- Selling goods at a fair price
- Keeping coins in a bank
- Paying for goods with paper notes
What is a double coincidence of wants, Bo asks?
Use the picture in question 1.
- One side wants two of the same thing
- Two traders want the same good at once
- Both sides want money from a bank
- Each side wants what the other has
Money is a store of value. What does that mean, Esme asks?
- It is used to count what things are worth
- It is used to pay for goods today
- It is kept in a shop
- It can be saved for later
Jun's chain has a blank: what does a swap need in barter?
- Paper notes from Chengdu
- A banker in another city to pay
- Coins made of electrum
- Each side wants the other's goods
Kira's chain has a blank: what makes trading easier?
- More barter between more traders
- Fewer goods to trade
- Money
- Wanting nothing
Luz's chain has a blank: what happens to many swaps in barter?
- They are paid for with coins
- They cannot happen directly
- They need no goods
- They happen more easily than with money
How could money help the potter get grain, Milo asks?
- Wait until the farmer wants pots
- Give the farmer pots the farmer does not want
- Make grain out of clay
- Sell pots, then pay for grain
Why is the table labeled an example, Noah asks?
Use the picture in question 8.
- It is from the Medici Bank's books
- It is from the Song dynasty
- The traders are made up
- It is a record from a real village market
Using money to count what goods are worth is which job of money, Pia asks?
- Medium of exchange, for paying
- Unit of account
- Store of value, for saving
- Double coincidence of wants