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\nThe Function of Money in Exchange and Specialization\n

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\nThis video explains the importance of exchange and the development of money in promoting specialization and economic growth. Using the example of a rudimentary village with specialized tasks, the video shows how bartering creates...\nThis video explains the importance of exchange and the development of money in promoting specialization and economic growth. Using the example of a rudimentary village with specialized tasks, the video shows how bartering creates problems due to the double coincidence of wants, leading to an inefficient means of exchange. The video also highlights the other functions of money, such as being a store of value and a unit of account.\n
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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6:30
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Grade
12th - Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nKnowMo Economics\n\n
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Date
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2018
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Additional Materials

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Concepts

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economics, revenue, exchange, functions, money, food, economy, housing, products
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Additional Tags

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a-level, lectures, micro, production, costs, 5.2b, and, of, double coincidence, economic agents, inefficient means, means, villages, barter, clothes, village, house, services, farmer, function, unit, order, goods, builder, villagers, build, farm, interested, offer, idea, occur, parties
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Classroom Considerations

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Best For: Explaining a topic
Video is ad-free
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Educator Ratings

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