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21 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Bartering |
The company is prepared to barter for foreign products. |
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Eventually |
Eventually, it became clear that he needs to re-evaluate his decision. |
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Inconvenient |
She called me at an inconvenient time |
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Vault |
Kings used to keep their valuables in vaults |
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Transactions |
Before the invention of money, people used to make transactions by bartering |
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Exchange |
That is the exchange of goods and services between two or more people without the use of money |
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difficulties |
However, there were some difficulties in using this method |
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excess |
An example of this would be, if I had an excess of bananas and I wanted to cross the river, how would I pay for this service? |
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willing |
I’d have to find someone who owns a boat, and is willing to exchange his service for some of my bananas |
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align |
Since it would be difficult to consistently align everybody’s needs with mine, the use of bartering was eventually replaced by the use of metals, animals, sea shells and anything with an agreed upon value(التوفيق) |
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precious |
This eventually led to rare and precious metals such as Silver and Gold being used in trade |
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as an accepted |
People started making coins out of those metals and using those coins as an accepted form of currency to pay for goods or services |
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situations |
In time, the use of coins became inconvenient, especially when it came to situations in which we needed to use large amounts of coins |
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Since it became |
Since it became harder to make large transactions using coins, the need for a different method increased. |
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abbreviation |
This came into the form of IOU, which is an abbreviation for “I owe you |
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to a trusted party |
The way that worked is that you’d carry your gold coins and deliver them to a trusted party who owns a very well guarded vault |
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count |
They would count your gold coins and issue you an IOU document stating the amount of coins you have in their vault with the promise that you or anybody who holds such a document could collect the stated amount of gold any time. For a small interest, of course. |
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it would be much easier for you |
That way, it would be much easier for you to pay for goods and services without the need to carry large amounts of coin |
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to gain a value |
The IOUs started to gain a value of their own. |
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providers |
Which led the providers of those IOUs to realise that they could print out more of those IOUs without the need to have a gold or silver coin back up(مزودي) |
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A devilish idea was then born |
A devilish idea was then born, where would it take the world from here onward? That’s what we’re going to explore in future episodes |
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