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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,except perhaps between friends.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?
Cheque:A written instruction to your bank to pay a sumof money to another person. 9
Cheque: (continued)There are three parties to a cheque: ◦ drawer — the account holder ◦ drawee — the bank where the account is held ◦ payee — the person being paid the money 9
A cheque contains the following additional information:1. Date 2. Amount in words 3. Amount in figures4. Drawer’s signature 5. Cheque number 6. Account number7. Branch sort code 8. Purpose of payment 9. New balance in account 1 18 2 39 4 5 5 7 6 9
Crossing a chequeCrossing a cheque involves drawing twoparallel lines across the front 9
Plastic Cards:Banks provide a number of “plastic” cards fortheir current account holders: ◦ Laser (Debit) Card ◦ ATM Card ◦ Cheque Guarantee Card ◦ Credit CardPeople use “plastic” to pay for goods andservices and to transfer money to other peoplewithout using cash. 9
Money can be transferred electronically in the following ways: Direct Debit A direct debit can be used to make a regular payment where the amount changes each time, e.g. the electricity bill Standing Order A standing order can be used to make a regular payment where the amount is the same each time, e.g. a regular donation to charity 9
Money can be transferred electronically in the following ways: Bank Giro Credit Transfer A bank giro credit transfer is used to make a single payment to another person through the bank, e.g. paying your TV licence Paypath Paypath is used by employers to transfer the wages of their employees directly into their bank accounts each payday 9