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Transcript of Economics
$$$ Def.:something generally accepted as a medium of exchange, a measure of value, or a means of payment So if you think about it... Money Has: Chips
Wants: Ice Cream Has: Ice Cream
Wants Chips "Money makes the world go round."
-Christopher Isherwood "Money is the root of all evil"
-1 Timothy 6:10 "The lack of money is the root of all evil."
- Mark Twain Money: power at its most liquid.
- Mason Cooley 3rd millenium B. C. E.: Money first mentioned in the written records of Mesopotamia 13th century AD: Paper Money 7th century BCE:
Coins Barter system 20th century: Electronic money 7th century B.C.E.: Lydia introduces the first
standardized metal coins. 13th century C.E.: The first paper money -the chao- is introduced as the chief currency throughout China 1821: The Bank of England adopts
the gold standard; most
other countries follow suit. 1950: The Diners Club issues the
first modern credit card. 1930s: The great depression brings an end to the gold standard. Money in Canada Early 16th century: Aboriginals inhabit the continent; there is no official currency and all trading is done through bartering Copper shields and wampums were some of the most valuable items Late 16th to 18th century: New France Early French settlers used bartering for trade. Coins were sent from France, but the numbers were scarce. In some cases Spanish coins, smuggled from Mexico, were used. This currency shortage led to the King of France authorizing a new issue of card money which was used until the fall of New France in 1760. Early 19th century British Colonial Rule: British rule did not do much to solve Canada's money problem up until the war of 1812 where the colonies issued army bills to finance the war effort, which the British government redeemed at full value in the end. This gave rise to banks, like the Bank of Montreal, which started issuing their own paper money which was guaranteed by their reserves of silver and gold. Late 19th century The Dominion of Canada: With the creation of the Dominion, the central government took over banking and created a currency that would be legal in all four provinces that signed the Confederation Act: Ontario, Quebec, New Brunswick and Nova Scotia. 1534 1760 1867 2012 Logo of the Central Branch of PEAR Inc. Party of Electronic Advancement and Reform P.E.A.R. A little history... Pear started off as a small computer manufacturing company on January 10, 2056, quickly expanding into all sorts of technological research, and buying out all major companies, giving Pear a monopoly over all electronics in 2063. With people becoming more and more dependent on technology, Pear had a golden opportunity to achieve world control, which it attained in 2071. Seeds With total control over the world, the Head of Pear realized that establishing a new universal currency would benefit the economy worldwide, facilitating trade throughout the planet. The rulers knew that a similar attempt had been made in ancient times on a much smaller scale in Europe, however they were determined that their new currency would not suffer the same fate as the Euro. So Pear announced their new currency in 2099, naming it "Seed", which was put into circulation on New Year's Eve 2100. All about the Seed Banking and minting is executed by the Pear Tree Mint branch of Pear Inc.
These are the Pear Tree Mints throughout the world:
Bills: 1 P, 2P, 5P, 10P, 20P, 50P, 100P, 200P, 500P Why not E-money? E-money is strictly discouraged by rulers and much hated by the public. The reason for this are the tragic events that took place in the 2040s, known as the Greater Depression. By the 2030s, virtually all the money in the world was electronic which was seen as practical. Then in 2039, the files of all central banks in the world were deleted because of a massive solar flare. All the money in the world was gone and chaos ruled the world; civil war on a global scale. Ever since, no bank has dared to reintroduce electronic currency.
The era is called Greater Depression to distinguish it from the historical Great Depression of the 1930s and hint to the immense scale of these tragic events. Advantages Facilitates trade
helps the economy
elevates the well-being of the average person
= A better world Disadvantages Inflation: causes the prices of products to rise, even if the actual value of the product stays the same
People get less for their money Moral issues: Greed, Pursuit of wealth
Wealthy people treat the poor badly
A person might commit immoral actions for the sake of money