Problem
A. Cortez said that he and his men suffered from "a disease of the heart that can only be cured with gold". What would you call this disease and what is its origin?
B. Describe "specialization" in the context of this text.
C. What is "barter" and what is a problem associated with it?
D. According to the text, why was money developed?
E. Complete the quote: "Money enables people to __compare___ quickly and easily the _value of different commodities__ , to easily _exchange_ one thing for another, and to ___store wealth_____ conveniently."
F. What are some example of things used as money besides coins:
G. What percentage of actual money in the world is represented by minted coins and banknotes? 10% of the actual money is by minted coins of banknotes.
H. What is the basic quality of money that makes it work?
I. Why is money practical when it comes to storing and using wealth?
J. Complete the quotes: "[...] money isn't a material reality - it is a ___________________________.
K. What does it mean for money to be "a system of mutual trust"?
L. Why do people put their trust in money/coinage? Who or what is this trust backed or supported by?
M. Describe the two universal principles that money is based on. Be specific.