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What is currency? | Year 3 Mathematics PDF Download
Currency
- Definition of Currency: Currency refers to the money utilized by a particular country for transactions and trade.
- Examples of Currencies: In the United Kingdom, the currency used is the pound. Different nations have their own unique currencies.
- Exchange Rates: When traveling abroad, you may need to convert your home currency to the local currency in order to make purchases.
Financial decision making
Understanding Needs and Wants
- Definition of Needs and Wants:
- Needs are essential for survival, such as food, clothing, and shelter.
- Wants are things that are desirable but not necessary for basic living.
- Examples of Needs and Wants:
- Needs: Food to eat, a place to live, clothes to wear.
- Wants: Latest video game, designer clothes, luxury car.
- Distinguishing Between Needs and Wants:
- Needs are crucial for survival and well-being.
- Wants are things that add comfort or enjoyment to life but are not essential.
- Importance of Differentiating Needs and Wants:
- Understanding the difference helps in making wise financial decisions.
- It aids in budgeting effectively and prioritizing expenses.
Question for What is currency?Try yourself: Which of the following is considered a need rather than a want?View Solution
How much have I spent?
Coins and Notes
- Money Composition: Money consists of metal coins and paper notes which are used for transactions or savings.
- Transaction Basics: When you pay for an item with money that exceeds its cost, you receive change in return.
- For Example: For instance, if you purchase a £6 cake with a £10 note, you will receive £4 as change, usually in the form of various coins.
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FAQs on What is currency? - Year 3 Mathematics
| 1. What is currency? |  |
Ans. Currency is a medium of exchange used to facilitate transactions between individuals or businesses. It can be in the form of coins or banknotes issued by a government and accepted as legal tender.
| 2. How is currency different from money? | |
Ans. Currency is a specific type of money that is in physical form, such as coins and banknotes. Money, on the other hand, is a broader concept that includes currency as well as other forms of value, such as digital payments and checks.
| 3. What are the main functions of currency? | |
Ans. The main functions of currency are as a medium of exchange, a unit of account, and a store of value. Currency allows individuals to buy and sell goods and services, measure the value of items, and hold wealth for future use.
| 4. Who has the authority to issue currency in the UK? | |
Ans. In the UK, the authority to issue currency lies with the Bank of England. The Bank of England is responsible for issuing banknotes and coins, as well as regulating the overall monetary system in the country.
| 5. How does currency maintain its value over time? | |
Ans. Currency maintains its value over time through factors such as government stability, economic growth, and inflation control. Central banks play a crucial role in ensuring that the value of currency remains stable and retains its purchasing power.
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Nov 17, 2024 Last updated |
Document Description: What is currency? for Year 3 2024 is part of Year 3 Mathematics preparation.
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