What is Money? - Definition and Types


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Why was money created?

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1. The government issues a new two-dollar and fifty cent bill. What is the intrinsic value of the new currency?

2. Money that has an intrinsic value is called what?

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About This Quiz & Worksheet

Money is a tool used in exchanges and the worksheet/ quiz duo for this lesson will help you to fully comprehend the use of money in transactions. Details include information on the various types of money and the definitions of related concepts.

Quiz & Worksheet Goals

These tools test you on:

  • Money with intrinsic value
  • The purpose of money
  • Transactions between individuals
  • The value of the US dollar
  • Benefits of exchanging money
  • Creating money

Skills Practiced

This quiz and worksheet will evaluate the following skills:

  • Interpreting information - verify that you can read information regarding why money was created and interpret it correctly
  • Critical thinking - apply relevant concepts to examine information about why money is used in a different light
  • Information recall - access the knowledge you've gained regarding the US dollar

Additional Learning

Learn all about the concepts relating to money by reviewing the corresponding lesson What is Money? - Definition and Types. The following objectives will be addressed in this lesson:

  • Define the term money as it is used in economics
  • Understand the concept of intrinsic value
  • Identify the benefits of exchanging money
  • Understand the purpose served by money
  • Know how the US dollar maintains its value
  • Identify various forms and types of money