The history of money

• Modern society is an industrialized society that uses

  technology to produce products for trade. People have

  specialized skills and rely on other people with different

  skills to produce goods and provide services that they

  cannot make or provide for themselves.
• A traditional society is a society in which communities

  use basic methods to hunt for and harvest food.

  Traditional societies lack technology and most of their

  activities are subsistence activities.
• Bartering is when one type of good or service is exchanged

  for another type of good or service, without any money

  being used.
• Commodities are items that are used to trade.
• A promissory note is a note signed by the buyer

  promising to pay the seller a certain amount of money

  without argument at a certain time.
• Bartering eventually gave way to currency, because people

  could not agree on the value of commodities.
• Coins and cowrie shells were the first form of currency.

  Coins were eventually more representative.
• Coins became very bulky and heavy, and eventually gave

  way to paper money or banknotes.
• Modern technology and the need for faster trading

  eventually led to electronic banking that we use today.
• Money was needed as a form of currency that can be

  stored for a period of time and still have the same value.
• Consumer economies mean that more and more money is

  spent, but they also harm the environment because more

  and more natural resources are being used but are not

  replaced at the same rate.