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Economic and management sciences

Grade 8

The economic cycle

Module 1

The historical development of currency/money

Assessment standard 1.1:

The historical development of currency/money

When you have completed this MODULE, YOU WILL BE ABLE TO DESCRIBE THE HISTORICAL DEVELOPMENT OF CURRENCY AND THE ROLE THAT IT PLAYS IN SOCIETIES AND THEIR ECONOMY.

The economic life of nations shows clear phases of development. The first of these development phases is always represented as the SELF-SUFFICIENT stage. The most characteristic feature of the self-provident phase is SUBSISTENCE ECONOMY, in which each family or person produces enough to provide in their own needs. The individual or family practised PRIMITIVE AGRICULTURE, which produced enough for his/their own needs. The self-provident stage therefore did not need barter, or a medium of exchange, because production did NOT result in ANY SURPLUS. The economy / family had no need for a MEDIUM OF EXHANGE or CURRENCY / MONEY as we know it.

Activity 1

SUBSISTENCE ECONOMY

GROUP:

Your group has survived the accident that forced the aeroplane in which you were travelling to crash down on a remote island. Having regained consciousness, you find that the wreck of the aeroplane was destroyed in an explosion after the disaster. The island is small and has a relatively high rainfall.

HOW WILL YOU GO ABOUT TO PROVIDE IN YOUR NEEDS IN ORDER TO ENSURE SURVIVAL? (Suggestion: Begin by determining what your immediate needs are). (Submit a brief list.)

GROUPS:

Try to identify the characteristic features of an economic situation in which you have to be self-sufficient.

During the next phase of economic development, which is characterised by SPECIALISATION, SURPLUSES AND EXCHANGE, communities/families produced sufficient products to have surpluses that they could exchange for other products that they needed.

EXAMPLE:

John, being skilled in making garments from animal pelts, was able to concentrate on doing that (i.e. he SPECIALISED in the production of clothing) and could use the extra garments that he did not need himself (SURPLUS) to engage in EXCHANGE for Peter’s SURPLUS of flour and related wheat products. This is how the first MARKETS, where BUYERS and SELLERS “met” and exchanged their SURPLUSES, came into being.

Activity 2

SPECIALISATION

SELF:

Design and build a model of a house, using stiff paper or cardboard, according to your own ideas.

Activity 3

SPECIALISATION AND DIVISION OF LABOUR

GROUP:

Design and build a model of a house, using stiff paper or cardboard, according to your own ideas. For this exercise, the planning and building of different component parts of the house must be delegated to different members of the group. One might be responsible for the roof, another for the walls, a third for the general framework, etc.

(Note: The different parts will have to be fitted together to form a whole.)

GROUP:

Compile a list of advantages and disadvantages of specialisation as encountered in this group work exercise.

ADVANTAGES OF SPECIALISATION DISADVANTAGES OF SPECIALISATION
1. 1.
2. 2.
3. 3.
4. 4.

Questions & Answers

what does nano mean?
Anassong Reply
nano basically means 10^(-9). nanometer is a unit to measure length.
Bharti
do you think it's worthwhile in the long term to study the effects and possibilities of nanotechnology on viral treatment?
Damian Reply
absolutely yes
Daniel
how to know photocatalytic properties of tio2 nanoparticles...what to do now
Akash Reply
it is a goid question and i want to know the answer as well
Maciej
characteristics of micro business
Abigail
for teaching engĺish at school how nano technology help us
Anassong
Do somebody tell me a best nano engineering book for beginners?
s. Reply
what is fullerene does it is used to make bukky balls
Devang Reply
are you nano engineer ?
s.
fullerene is a bucky ball aka Carbon 60 molecule. It was name by the architect Fuller. He design the geodesic dome. it resembles a soccer ball.
Tarell
what is the actual application of fullerenes nowadays?
Damian
That is a great question Damian. best way to answer that question is to Google it. there are hundreds of applications for buck minister fullerenes, from medical to aerospace. you can also find plenty of research papers that will give you great detail on the potential applications of fullerenes.
Tarell
what is the Synthesis, properties,and applications of carbon nano chemistry
Abhijith Reply
Mostly, they use nano carbon for electronics and for materials to be strengthened.
Virgil
is Bucky paper clear?
CYNTHIA
so some one know about replacing silicon atom with phosphorous in semiconductors device?
s. Reply
Yeah, it is a pain to say the least. You basically have to heat the substarte up to around 1000 degrees celcius then pass phosphene gas over top of it, which is explosive and toxic by the way, under very low pressure.
Harper
Do you know which machine is used to that process?
s.
how to fabricate graphene ink ?
SUYASH Reply
for screen printed electrodes ?
SUYASH
What is lattice structure?
s. Reply
of graphene you mean?
Ebrahim
or in general
Ebrahim
in general
s.
Graphene has a hexagonal structure
tahir
On having this app for quite a bit time, Haven't realised there's a chat room in it.
Cied
what is biological synthesis of nanoparticles
Sanket Reply
what's the easiest and fastest way to the synthesize AgNP?
Damian Reply
China
Cied
types of nano material
abeetha Reply
I start with an easy one. carbon nanotubes woven into a long filament like a string
Porter
many many of nanotubes
Porter
what is the k.e before it land
Yasmin
what is the function of carbon nanotubes?
Cesar
I'm interested in nanotube
Uday
what is nanomaterials​ and their applications of sensors.
Ramkumar Reply
what is nano technology
Sravani Reply
what is system testing?
AMJAD
preparation of nanomaterial
Victor Reply
how did you get the value of 2000N.What calculations are needed to arrive at it
Smarajit Reply
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Source:  OpenStax, Economic and management sciences grade 8. OpenStax CNX. Sep 11, 2009 Download for free at http://cnx.org/content/col11040/1.1
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