102.2 Lesson - coincidenceOfWants

Screen: coincidenceOfWants

Headline: Money solves the “coincidence of wants”... What is that??

Reward: 2

Text: Centuries ago, before people had money, they would barter -- or haggle over how to trade one unique item, in exchange for another item or service. Let’s say you wanted to have a meal at the local restaurant, and offered the owner a broom. The owner might say “no” -- but I will accept three hats instead, if you happen to have them. You can imagine how difficult and inefficient a “barter economy” would be! By contrast, with money, you can simply present a $20 bill. And you know that the restaurant owner will readily accept it.

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QUIZ

Question: Which coincidence does money solve?

Answer: Coincidence of wants

Feedback: That is right. Money allows you to easily purchase something, without haggling about the form of payment

Correct: true

Answer: Coincidence of day and night

Feedback: No silly, you know that is not the answer.

Correct: false

Answer: Coincidence of the moon blocking the sun

Feedback: Not quite. We call that a solar eclipse 🌚

Correct: false