How to use this book
This section will help you to understand how Oxford Successful Economic and Management Sciences works. You will see the following throughout the book:
Activity:
Activities are marked clearly and tell you what to do, using easy- to-follow instructions
Headings: Topics are introduced by clear headings
Activity 1 Practise bartering
Work in a group. 1 Discuss when you use bartering in everyday life. For example, do you sometimes barter school lunch, football cards, CDs, clothes, and so on?
2 Imagine your group is a traditional society that produces certain goods and services. Write five of these down on separate cards, for example, cattle, chickens, wheat, seeds, and so on.
3 Now barter with another group by exchanging the goods and services you need.
4 Remember that you have to decide on a fair exchange, depending on the value of your goods and services and those you want to barter.
5 As a class, discuss: 5.1 Advantages and disadvantages of bartering.
5.2 Opportunities to use more bartering in present-day life. Promissory notes
It was not always possible to barter or pay for goods and services immediately. This is when people gave promissory notes. A promissory note is a written promise to pay or repay a sum of money at a given time, or on demand. These notes can also be called a ‘note of hand’.
The earliest promissory notes originated in China. They were called bills of exchange and were different from a promissory note because ownership could be transferred to someone else. During the 8th century, the Chinese emperor, Tang, used these documents to safely transfer money over long distances. Similar documents for money transfer were used by Arab merchants, who also used bills of exchange, from the 10th to the 13th centuries. During the 13th to 15th centuries, Italian merchants developed the promissory notes and bills of exchange that are accepted today.
Bulleted text: Text is bulleted for easy learning
By international agreement, promissory notes must contain: the words ‘promissory note’ in the document a promise to pay a definite sum of money the time of payment the place where the payment is to be made the name of the person to be paid the date and the place where the promissory note is issued the signature of the person who issues the promissory note.
Coins
As more people and countries began to trade, it became more difficult to barter. They began to use forms of money that everyone wanted, such as pieces of fabric or cowrie shells. These forms of money were replaced with metal coins because metal had real value. Over the years, countries imprinted
Old coins had holes in them so that they could be strung together on a chain.
Unit 1 The history of money 11
Illustrations: Photographs and drawings help explain the information
Captions:
These explain what is shown in the illustration and help explain the text
Other features include: a feature “By now you know that …” to get you thinking about the content that will be discussed and to revise what you have learnt
case studies support and challenge activities a summary at the end of each unit exemplar tests and examinations a glossary at the back of the book to consolidate your learning of new words.
(12) (4)
Total: 16 marks Exam words
discuss: talk or write in detail about something, giving different ideas and arguments about the topic
consider: look at the facts carefully
Exam words: Key words used in examinations are explained
4 How to use this book
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