Summary EMS- History of Money & The Economy (Notes)

History of
Money & The
Economy

, What Is the Economy?
Introduction: The Economy
Key Concepts:


Subsistence Consumer economy
Bartering Electronic banking
Commodities Sustainability
Promissory notes Industrialised society
Currency

, Traditional vs Modern Societies
Modern Societies Traditional Societies

(Most people today live in modern societies)
Definition
Characteristics
A traditional society is a society where communities
People use coins, notes, debit cards and credit
use basic methods to hunt and harvest food.
cards to pay for goods and services.
Characteristics
People can also use electronic banking, such as
Little or no technology
internet banking.
Mostly subsistence activities
A modern society is an industrialised society
that uses technology to produce goods for People use most of what they produce

trade. They trade very little
People have specialised skills. Mostly rural and agricultural
Example People are self-sufficient (do not rely much on
A mechanic can fix cars but cannot treat sick others)
people. Subsistence
If the mechanic becomes sick, they must pay for Subsistence means producing only enough for
medical services using money earned from their job.
survival, not for trade.