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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

where we get a research paper on Nano chemistry....?
Maira Reply
what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
Nasa has use it in the 60's, copper as water purification in the moon travel.
Alexandre
nanocopper obvius
Alexandre
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
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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