ECON 4020 Money and Financial Institutions
Extra Credit Bonus Opportunity
Please write a very brief summary of what you learned in each chapter in this course and how it is applicable in real life. Write at least three major things you learned in each chapter and at least one thing in each chapter that relates to real life issues. Write in Blue the things that relate to real life issues like the example shown. Below is an example of an imaginary chapter. It is of no particular chapter in this course. Your assignment should start with Chapter 1 and end with chapter 10.
Chapter XYZ: Money
1- I learned that gold and silver and other precious metals have served as money and medium of exchange for centuries.
2- I learned that paper money was created to represent a specific amount of gold and silver to make carrying and exchange easier as carrying gold and silver is heavier and less convenient.
3- 3- I learned that gold standard in the history of money and financial markets refer to paper money being represented by gold, or gold backing the value of paper money.
4- 4- I learned that anything could serve as money as long as it has the following properties.
a.Cannot be easily replicated
b. Can be stored and carried easily
c.Widely accepted and recognized
d. Not perishable
e. Preserves its value relatively well
f….
g…
.h. ..
.5- I learned that todays money is fiat money, meaning that it is not backed by gold or silver or anything. It is just a piece of fancy paper and has value because the government says it has value and it has all the functions of money.
